Why AMD Stock Crushed it on Thursday
An analyst lifted his estimate for a crucial segment of the chip market.
Why AMD Stock Crushed it on Thursday
Overview
The wider tech sector might not have had a spectacular Thursday on the market, but we can't say that about veteran chipmaker Advanced Micro Devices (NASDAQ: AMD). The chip segment, generally, and AMD specifically, were given a lift by a bullish new analysis from an analyst at an influential bank. With that, AMD's stock surged by 8% on the day.
Before market open, Vivek Arya of Bank of America Securities published a note on the current state of the global chip market. According to reports, he raised his estimate of the total addressable market for server central processing units (CPUs) in 2030. The new projection is $170 billion, well up from his previous $125 billion.
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Originally published at www.fool.com.
