Advanced Micro Devices Inc. (AMD) shares jumped more than 3% in Thursday's premarket session, as investors piled back into high-growth tech stocks. The broader market set a risk-on tone, with Nasdaq futures up 0.80% and S&P 500 futures climbing 0.22%.
Sentiment got an extra boost from Goldman Sachs, which on July 6 reiterated its Buy rating on AMD and raised its price target to $640. That vote of confidence in the chipmaker's AI-driven growth story helped lift the stock ahead of the opening bell.
The gains also reflect renewed buying interest across the semiconductor sector, with momentum traders piling into large-cap chipmakers. AMD's strong long-term uptrend continues to attract buyers as the stock approaches a key technical resistance level.
AMD Technical Analysis
AMD is trading above all its major moving averages — a textbook sign of a healthy uptrend. The stock sits about 2.7% above its 20-day simple moving average of $522.12 and 13.4% above its 50-day SMA of $472.96. Those levels suggest the intermediate-term trend remains positive.
The longer-term picture is even more bullish. AMD trades 54.4% above its 100-day SMA of $347.27 and nearly 89% above its 200-day SMA of $283.73.
The relative strength index (RSI) stands at 51.25, a neutral reading that suggests buying and selling pressure are balanced. That also indicates the stock is consolidating recent gains rather than entering overbought territory — meaning there's still room for further upside.
Adding to the bullish case, the 20-day SMA remains above the 50-day SMA, a pattern that suggests buyers continue to step in during pullbacks. The golden cross that formed in July 2025 further supports the positive outlook, with the stock holding above its key moving averages.
The next resistance level is near $546.50. A sustained move above that could strengthen bullish momentum. Initial support sits around $495.50, a recent pivot area that remains above the 50-day SMA.
Earnings and Analyst Outlook
AMD is scheduled to report second-quarter earnings on Aug. 4. Wall Street expects earnings of $1.55 per share, up from 48 cents a year earlier. Revenue is projected to increase to $11.28 billion from $7.68 billion.
The stock trades at a price-to-earnings ratio of 172.5, reflecting premium growth expectations. Analysts maintain a consensus Buy rating with an average price target of $505.38. Recent analyst actions include Goldman Sachs raising its target to $640 on July 6, Wells Fargo increasing its target to $615 on June 30, and Cantor Fitzgerald lifting its target to $700 on June 29.
MarketDash Edge Rankings
AMD earns a Momentum score of 98.87, a Growth score of 96.79, and a Quality score of 95.34, reflecting strong business fundamentals and price performance. However, its Value score of 3.21 highlights its premium valuation and suggests investors have already priced in significant future growth.
ETF Exposure
AMD is a major holding in several semiconductor and technology ETFs. It represents an 8.03% weighting in the iShares Semiconductor ETF (SOXX), 7.37% of the ARK Next Generation Internet ETF (ARKW), and 8.22% of the Pacer Data and Digital Revolution ETF (TRFK). Because AMD carries meaningful weightings in these funds, strong ETF inflows or outflows can influence demand for the stock.
Price Action
Advanced Micro Devices shares were up 3.22% at $534.06 during premarket trading on Thursday.
