AMD hits $1 trillion market cap for the first time
CNBC • • business
Key Points:
- Advanced Micro Devices (AMD) stock surged 9% on Monday, reaching a record intraday high of $613.92 and pushing the company's market capitalization above $1 trillion for the first time.
- AMD is experiencing a five-day winning streak with a 24% gain, following strong second-quarter earnings that beat expectations.
- The company reported Q2 revenue of $11.54 billion, a 50% increase year-over-year, driven largely by its AI chips and a 107% sales jump in its Data Center unit.
- Despite AMD's impressive 180% stock increase this year, it remains behind AI chip leader Nvidia, which has a market cap of approximately $5.4 trillion.
- The AI-driven surge in chip stocks continues despite public concerns over data centers and the safety of large language models.
