AMD News: Advanced Micro Devices stock edges higher, as an old rival falls - FXStreet

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• NASDAQ:AMD gained 0.11% on Friday amidst an ugly day for the broader markets.

• AMD rival Intel tumbles as its computer market share appears to be in trouble.

• NVIDIA hits all-time highs then drops as uncertainty on its ARM acquisition remains.

NASDAQ:AMD saw its momentum from Thursday carry over into Friday’s session as it was one of the only tech stocks to finish in the green. Shares of AMD gained 0.11% to close out the day at $84.65, as the broader markets stumbled on the quarterly quad-witching day to close out the second quarter of the year. AMD managed to edge higher off of the sentiment created by its new partnership with the Google Cloud as well as the apparent greenlight for its acquisition of chip maker Xilinx (NASDAQ:XLNX). 

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AMD’s chief rival over the past few years Intel (NASDAQ:INTC) didn’t have the same fate on Friday. Shares of the iconic chip maker fell 2.64% on Friday, amidst reports that it is expected that Intel’s computer market share will nosedive after Apple (NASDAQ:AAPL) replaces Intel with its own in-house chips. Apple announced earlier this year that it would now be installing its own M1 chips into IPads and iMacs, joining its Macbook line that was launched in late 2020. Until now, Apple used Intel as its chip source, so it is definitely a powerful partner to lose. 

AMD stock forecast

Another AMD rival NVIDIA (NASDAQ:NVDA) hit a new all-time high during Friday’s session, before tumbling all the way back down and finishing in the red. The reason for the fall was partly due to the volatility caused by the quad-witching, but also on continued uncertainty on the approval of its acquisition of British software and semiconductor company, Arm Ltd. Although CEO Jensen Huang is confident the deal will go ahead, the longer it remains without a conclusion, the more nervous investors will get. 

The Link Lonk


June 22, 2021
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AMD News: Advanced Micro Devices stock edges higher, as an old rival falls - FXStreet

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