{"id":9103,"date":"2023-08-06T08:15:08","date_gmt":"2023-08-06T08:15:08","guid":{"rendered":"https:\/\/isafespend.com\/investing\/amds-stock-breaks-with-chip-selloff-to-finish-week-higher-as-analyst-cites-important-buying-opportunity\/"},"modified":"2023-08-06T08:15:09","modified_gmt":"2023-08-06T08:15:09","slug":"amds-stock-breaks-with-chip-selloff-to-finish-week-higher-as-analyst-cites-important-buying-opportunity","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=9103","title":{"rendered":"AMD\u2019s stock breaks with chip selloff to finish week higher as analyst cites \u2018important buying opportunity\u2019"},"content":{"rendered":"
\n

Advanced Micro Devices Inc. went against the grain this past week as shares not only outperformed AI-rivals like Nvidia Corp. on Friday, but finished the week higher when the rest of the sector sold off. <\/p>\n

AMD
\n AMD,
\n +2.36%<\/bg-quote>
\n shares rose 2.4% Friday to close at $115.82, or for a 2.6% gain on week, while Nvidia
\n NVDA,
\n +0.37%<\/bg-quote>
\n shares gained 0.4% on the day to close at $446.80, but finished at a loss of 4.4% on the week. In comparison, the PHLX Semiconductor Index
\n SOX
\n declined 0.2% Friday for a 4% weekly drop. Nvidia reports its earnings after the market close on Aug. 23.<\/p>\n

\n

Shares of Intel Corp.
\n INTC,
\n +1.14%<\/bg-quote>
\n fell 4.6% for the week, contributing to the Dow Jones Industrial Average\u2019s
\n DJIA
\n weekly decline of 1.1%. <\/p>\n

Tech stocks had a rough midweek, their recent outsized gains becoming outsized losses with respect to the broader market, after Fitch Ratings cut its top U.S. credit rating to AA+ from AAA late Tuesday.<\/p>\n

High flyers like Nvidia, with its more than 200% gains on the year, and chip-related stocks \u2014 with the SOX index\u2019s more than 45% rally \u2014 all fell sharply on Wednesday. That move included a drop for AMD shares, which had been on the rise after hours Tuesday following an earnings beat. <\/p>\n

Read: <\/strong>Palantir earnings: What to expect from the software company riding the AI wave<\/p>\n

But while that blow left the rest of the sector dazed for the rest of the week, and some analysts questioned if the chip maker\u2019s expectations were too high, a wave of analyst support for AMD followed, and turned it into one of the week\u2019s few winning chip stocks.<\/p>\n

Following Benchmark analyst Cody Acree calling AMD \u201camong the best positioned companies\u201d to take advantage of AI, Morgan Stanley analyst Joseph Moore, in a Thursday-dated note released to non-clients Friday, said the \u201cpost quarter selloff\u201d of AMD \u201ccreates an important buying opportunity.\u201d<\/p>\n

Moore has an overweight rating on AMD and a $138 price target.<\/p>\n

\u201cThe AMD quarter should have been a relief, given near universal sentiment that they would guide well below expectations for servers (they didn\u2019t), and that their expectation for margin recovery in PCs was unrealistic (it wasn\u2019t),\u201d Moore said in the note.<\/p>\n

Read: <\/strong>Qualcomm stock logs worst day since pandemic shortages as chip glut produces \u2018lackluster\u2019 earnings<\/p>\n

Other chip makers like Qualcomm Inc.
\n QCOM,
\n +2.36%<\/bg-quote>
\n didn\u2019t have it as easy, with shares finishing the week down 6.2%, after the phone handset supplier reported it was still dealing with inventory drawdowns. <\/p>\n

In the coveted AI data-center category, Moore said interest in AMD\u2019s rollout of MI300 class CPU + GPUs is high.<\/p>\n

\u201cSubstantial demand from customers is known, but the timing of qualifications remains a key variable,\u201d Moore said. \u201cThere will be inevitably be surprises
when bringing up new silicon.\u201d<\/p>\n

Read: <\/strong>AMD stock rises 3% after earnings beat, CEO predicts \u2018multiple winners\u2019 in AI race<\/p>\n

\u201cThere will also be a competitive reaction to first silicon; for example, we don\u2019t think that Nvidia will price inference products aggressively to compete with powerpoint presentations about chips that aren\u2019t out, but they will be fully engaged when AMD is trying to convert initial interest into wins,\u201d Moore wrote.<\/p>\n

Read: <\/strong>AMD among \u2018best positioned\u2019 AI players, analyst says<\/p>\n

\u201cThe supply chain is building to the best case, and this is a chip with the longest
manufacturing lead times that we have ever seen, at 8 months or so, in a market
where customer interest is the highest we have ever seen,\u201d the Morgan Stanley analyst noted. <\/p>\n

Of the 45 analysts surveyed by FactSet, 30 have buy ratings, and 15 have hold ratings, along with an average price target of $140.42.<\/p>\n

In the broader market, the S&P 500 index
\n SPX
\n declined 0.5% Friday to finish the week down 2.3%; and the tech-heavy Nasdaq Composite
\n COMP
\n slipped 0.4%, to finish the week down 2.9% <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Advanced Micro Devices Inc. went against the grain this past week as shares not only outperformed AI-rivals like Nvidia Corp. on Friday, but finished the week higher when the rest of the sector sold off. AMD AMD, +2.36% shares rose 2.4% Friday to close at $115.82, or for a 2.6% gain on week, while Nvidia<\/p>\n","protected":false},"author":1,"featured_media":9104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-9103","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nAMD\u2019s stock breaks with chip selloff to finish week higher as analyst cites \u2018important buying opportunity\u2019 | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Advanced Micro Devices Inc. went against the grain this past week as shares not only outperformed AI-rivals like Nvidia Corp. on Friday, but finished the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=9103\" 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