How AMD Stock Rose 16.8% Last Month
Shares of Advanced Micro Devices (NASDAQ: AMD) gained 16.8% in October 2021, according to data from S&P Global Market Intelligence. The semiconductor designer reported robust results near the end of the month, but that particular event didn't move share prices very far. Instead, the stock made several smaller leaps based on product launches, contract wins, and analyst reports.
AMD's good times started rolling when the Radeon RX 6600 graphics card hit store shelves on Oct. 13. Reviewers hailed the card as an effective combination of robust performance and low power draws at an attractive price point, especially under the price-boosting influence of the ongoing shortage of chip manufacturing services. Of course, it isn't AMD's highest-end graphics processor, but gamers get a lot of bang for the buck here. AMD shares rose 4% on Oct. 14 due to this release.
A 2% gain followed the next day, powered by a bullish report from analyst firm Goldman Sachs. AMD kept its spot on Goldman's "conviction list" and was analyst Toshiya Hari's best idea in the semiconductor industry. Hari expected a strong earnings report with share gains in server products and an improved supply chain.
Source Fool.com
