Advanced Micro Devices Inc. (NASDAQ:AMD) stock rose in Wednesday’s premarket session after falling 7.30% in the previous trading session. The rebound came as technology stocks moved higher and the chipmaker announced a new artificial intelligence infrastructure agreement.
AMD appeared to attract dip buyers after Tuesday’s sharp selloff. Nasdaq futures gained 0.53%, while S&P 500 futures rose 0.09%. The rebound also puts the focus back on AMD’s recent highs. Traders will watch whether the stock can build enough momentum to challenge its June peak.
AMD, Rackspace Sign Deal To Deploy 30 MW Of AI Compute For Enterprise AI
AMD and Rackspace Technology Inc. (NASDAQ:RXT) have signed a definitive agreement to deploy an initial 30 megawatts of AMD-powered AI compute across Rackspace’s global data centers between late 2026 and 2028.
The deployment formalizes the memorandum of understanding announced in May and will combine AMD Instinct GPUs and EPYC CPUs to power Rackspace’s governed Enterprise AI Cloud for regulated industries such as healthcare.
The companies said they will jointly pursue enterprise customers and accelerate the rollout of four AI offerings, including Enterprise AI Cloud and Inference as a Service, as businesses expand from AI pilots to production-scale deployments.
Technical Analysis
AMD remains in a strong long-term uptrend despite Tuesday’s sharp decline.
The stock trades 5.8% above its 20-day simple moving average of $492.45 and 30.5% above its 50-day SMA of $399.12. It also sits 70.8% above its 100-day SMA of $305.04 and 102.3% above its 200-day SMA of $257.53.
Momentum has softened, however. The MACD remains below its signal line with a negative histogram, suggesting buying momentum has cooled. Unless buyers regain control, rallies may become more gradual.
Immediate resistance stands near $546.50, just below the 52-week high of $558.37. Support is around $437.00, a level that previously attracted buyers.
Price Action
AMD Stock Price Activity: Advanced Micro Devices shares were up 2.49% at $519.92 during premarket trading on Wednesday, according to Benzinga Pro data.
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