Advanced Micro Devices Inc. (NASDAQ:AMD) stock rose more than 3% in Thursday’s premarket session as investors returned to high-growth technology stocks. Nasdaq futures gained 0.80%, while S&P 500 futures climbed 0.22%, supporting a broader risk-on tone.
Sentiment also received a boost from fresh analyst optimism. On July 6, Goldman Sachs reiterated its Buy rating on AMD and raised its price forecast to $640, reinforcing confidence in the chipmaker’s AI-driven growth story. The stronger market backdrop, combined with the upbeat analyst call, helped lift AMD ahead of the opening bell.
The early gains also reflect renewed buying interest across the semiconductor sector, with investors increasing exposure to large-cap chipmakers. AMD’s strong long-term uptrend has continued to attract momentum traders as the stock approaches a key technical resistance level.
AMD Technical Analysis
AMD continues to trade above all of its major moving averages. The stock sits about 2.7% above its 20-day simple moving average of $522.12 and 13.4% above its 50-day SMA of $472.96. Those levels suggest the intermediate-term trend remains positive.
The longer-term outlook also stays bullish. AMD trades 54.4% above its 100-day SMA of $347.27 and nearly 89% above its 200-day SMA of $283.73.
The relative strength index stands at 51.25. That neutral reading suggests buying and selling pressure are balanced. It also indicates the stock is consolidating recent gains rather than entering overbought territory.
In addition, the 20-day SMA remains above the 50-day SMA. That pattern suggests buyers continue to step in during pullbacks. The bullish outlook is further supported by the golden cross that formed in July 2025, with the stock continuing to hold above its key moving averages.
The next resistance level is near $546.50. A sustained move above that level could strengthen bullish momentum. Initial support sits around $495.50, a recent pivot area that remains above the 50-day SMA.
Earnings And Analyst Outlook
AMD is scheduled to report second-quarter earnings on Aug. 4.
Wall Street expects earnings of $1.55 per share, up from 48 cents a year earlier. Revenue is projected to increase to $11.28 billion from $7.68 billion.
The stock trades at a price-to-earnings ratio of 172.5, reflecting premium growth expectations.
Analysts maintain a consensus Buy rating with an average price forecast of $505.38. Recent analyst actions include Goldman Sachs raising its price forecast to $640 on July 6, Wells Fargo increasing its price forecast to $615 on June 30 and Cantor Fitzgerald lifting its price forecast to $700 on June 29.
Benzinga Edge Rankings
AMD earns a Momentum score of 98.87, a Growth score of 96.79 and a Quality score of 95.34, reflecting strong business fundamentals and price performance. However, its Value score of 3.21 highlights its premium valuation and suggests investors have already priced in significant future growth.
ETF Exposure
AMD is a major holding in several semiconductor and technology exchange-traded funds, including the iShares Semiconductor ETF (NASDAQ:SOXX), where it represents an 8.03% weighting. It also accounts for 7.37% of the ARK Next Generation Internet ETF (NYSE:ARKW) and 8.22% of the Pacer Data and Digital Revolution ETF (NYSE:TRFK).
Because AMD carries meaningful weightings in these funds, strong ETF inflows or outflows can influence demand for the stock.
Price Action
AMD Stock Price Activity: Advanced Micro Devices shares were up 3.22% at $534.06 during premarket trading on Thursday, according to Benzinga Pro data.
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