Advanced Micro Devices Inc. (NASDAQ:AMD) stock moved higher Wednesday as enthusiasm around artificial intelligence infrastructure spending continued to support semiconductor stocks.

The stock has climbed more than 179% over the past 12 months.

Fresh AI demand signals from CoreWeave Inc. (NASDAQ:CRWV) and Super Micro Computer Inc. (NASDAQ:SMCI) offered a positive read-through for AMD and other AI chip suppliers.

Intel Corporation’s (NASDAQ:INTC) move to secure $20 billion in fresh capital also reinforced the view that AI infrastructure spending remains robust.

AMD shares gained about 3%, outpacing the broader market. The Nasdaq Composite rose 0.71%, while the S&P 500 gained 0.19%.

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AMD Technical Analysis

AMD remains in a long-term uptrend but has faced some short-term pressure.

The stock traded 15.4% above its 100-day simple moving average and 51.7% above its 200-day SMA. However, it remained 1.3% below its 20-day SMA and 4.6% below its 50-day SMA.

The relative strength index stood at 48.03, signaling neutral momentum.

AMD’s 20-day SMA also remained below its 50-day SMA, a bearish short-term signal. A move back above those averages could strengthen the bullish setup.

Key resistance sits near $530, while support is around $460.

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Analyst Outlook

AMD carries a Buy consensus rating with an average price forecast of $591.39. Recent analyst actions include Argus Research raising its price forecast to $625 while maintaining a Buy rating. Rosenblatt maintained a Buy rating and raised its forecast to $700. JPMorgan maintained a Neutral rating and increased its forecast to $550.

Benzinga Edge Rankings

AMD scores strongly on momentum, quality and growth in the Benzinga Edge rankings.

Its momentum score stands at 97.6, while quality and growth scores are 93.92 and 94.02, respectively. However, its value score is just 4.65, reflecting the stock’s premium valuation.

AMD trades at a price-to-earnings ratio of about 121 times, leaving the stock sensitive to changes in growth expectations.

AMD Stock Price Action

AMD shares were up 3.04% at $488.73 at the time of publication Wednesday, according to Benzinga Pro data.

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