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Advanced Micro Devices (AMD) shares jumped more than 3% in Monday's premarket session, riding a wave of improving risk appetite that lifted AI and semiconductor stocks across the board. Nasdaq futures were up 1.23%, and the S&P 500 futures added 0.47%.
The stock has been one of the strongest performers in the semiconductor space over the past year, and traders are now watching to see if it can hold above key support levels once regular trading begins and volatility picks up.
AMD's chart looks pretty healthy right now. The stock is trading above all its major moving averages — about 4% above its 20-day simple moving average of $516.84, roughly 16.8% above its 50-day SMA of $460.38, and a whopping 93.3% above its 200-day SMA of $278.19. The golden cross that formed back in July 2025 is still intact, which is a good sign for the long-term trend.
The relative strength index (RSI) sits at 52.47, which is right in neutral territory. That means buying and selling pressure are pretty balanced, so the next move will likely depend on price action rather than the stock being overbought or oversold.
Immediate resistance is near $546.50, while key support is around $437. AMD hit its latest swing high in June and established its most recent swing low in April, keeping the longer-term trend tilted upward.
In other news, Japanese autonomous driving startup Turing Inc. has raised $79 million in an extension of its Series A funding round, and AMD Ventures is now on board as a new investor. According to Bloomberg, the company is also expanding its use of AMD's AI accelerators.
Turing said about 10% of its AI training now runs on AMD GPUs, which helps reduce its reliance on Nvidia (NVDA) hardware and lowers costs ahead of its planned commercial launch in 2028. The funding values Turing at around $600 million, though the exact size of AMD Ventures' investment wasn't disclosed.
Turing is developing autonomous driving software for consumer vehicles and robotaxis, and it has expanded testing from Tokyo's outskirts into more congested urban areas.
AMD's next earnings report is expected on August 4. Wall Street is looking for earnings of $1.55 per share, up from 48 cents a year earlier, on revenue of $11.28 billion, compared with $7.68 billion last year. The stock trades at about 172.6 times earnings, so it's not cheap.
Analysts are still bullish overall, with a consensus Buy rating and an average price target of $499.44. Recent upgrades include Wells Fargo raising its target to $615 on June 30, Cantor Fitzgerald bumping its target to $700 on June 29, and UBS lifting its target to $670 on June 24.
AMD scores a Momentum score of 98.6, a Growth score of 96.77, and a Quality score of 95.41, reflecting strong business fundamentals and relative price performance. Its Value score of 3.43, however, indicates the stock trades at a premium valuation.
Because AMD carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.
AMD Stock Price Activity: Advanced Micro Devices shares were up 3.14% at $534.10 during premarket trading on Monday.
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