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AMD shares soars as AI trend turns viral in the market!

Advanced Micro Devices and Nvidia are the biggest winners from the AI hype!

Advanced Micro Devices shares climbed 5.2% to $102.42 following Monday’s disclosure that Daniel Loeb’s Third Point LLC took a stake in the company.

Tweet on semiconductor stocks

Bloomberg chart

The hedge fund run by Mr. Loeb, an activist investor, has a stake in the chip maker of 1 million shares, according to a regulatory filing.

Shares of AMD have been mixed in recent weeks.

The stock fell more than 9% on May 3, a day after its reported earnings showed the company swinging to a loss in the first quarter.

Shares recovered the next day following a Bloomberg report that AMD will work with Microsoft to develop artificial intelligence processors.

*AMD on Tuesday is currently the top gainer in the S&P 500

Source: Bloomberg
Image: AMD