Advanced Micro Devices Inc. (NASDAQ:AMD) stock climbed nearly 4% in Thursday’s premarket session after Micron Technology Inc.’s (NASDAQ:MU) stronger-than-expected earnings and bullish outlook reinforced optimism around artificial intelligence infrastructure spending.

The broader market also supported sentiment, with S&P 500 futures rising about 0.8% ahead of the opening bell.

Micron reported fiscal third-quarter adjusted earnings of $25.11 per share on revenue of $41.46 billion, beating Wall Street expectations. The memory-chip maker also forecast fiscal fourth-quarter adjusted earnings of about $31 per share on revenue of roughly $50 billion.

Micron’s upbeat outlook is seen as supportive because memory is a critical component of AI servers, reinforcing expectations for continued AI infrastructure spending.

Read Also: Micron Says AI Customers Are Paying Billions Today For Memory They Won't Get Until Years Later, Sanjay Mehrotra Expects 'Tight' Conditions Beyond 2027

AMD Remains In A Strong Uptrend

AMD continues to trade in a strong long-term uptrend. The stock sits 5.5% above its 20-day simple moving average of $510.37, 25.7% above its 50-day average of $428.30 and 101.9% above its 200-day average of $266.73.

However, momentum has eased. The moving average convergence divergence (MACD) indicator remains below its signal line with a negative histogram, suggesting buying momentum has slowed even as the broader trend remains positive.

Traders are watching resistance near $546.50, while support is around $437.00.

Earnings And Analyst Outlook

AMD is expected to report quarterly results on Aug. 4, 2026.

Wall Street expects earnings of $1.55 per share, up from 48 cents a year earlier, on revenue of $11.28 billion, compared with $7.68 billion in the prior-year period.

The stock trades at about 173.2 times earnings, reflecting its premium valuation. Analysts maintain a consensus Buy rating with an average price forecast of $496.50. Recent analyst actions include:

  • UBS reiterated Buy and raised its price forecast to $670 on June 24.
  • Citigroup upgraded the stock to Buy and raised its price forecast to $575 on June 12.
  • Bank of America Securities maintained Buy and increased its price forecast to $560 on June 11.

AMD Benzinga Edge View

According to Benzinga Edge, AMD scores highly for momentum, quality and growth but ranks poorly on value.

The stock has a Momentum score of 98.48, a Quality score of 95.2 and a Growth score of 96.89. Its Value score stands at just 3.21, reflecting the stock’s premium valuation.

ETF Exposure

AMD is a major holding in several semiconductor and AI-focused exchange-traded funds, including the iShares Semiconductor ETF (NASDAQ:SOXX), where it has an 8.03% weighting, the ARK Next Generation Internet ETF (NYSE:ARKW) at 7.37%, and the Dan Ives Wedbush AI Revolution ETF (NYSE:IVES) at 7.19%.

Strong fund inflows or outflows in these ETFs can influence demand for AMD shares.

AMD Stock Price Activity: Advanced Micro Devices shares were up 3.63% at $538.60 during premarket trading on Thursday, according to Benzinga Pro data.

Read Also: Micron Didn't Beat Expectations, It 'Annihilated' Them, Says This Analyst: MU Stock Pops Over 15% After Hours