Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Advanced Micro Devices (NASDAQ:AMD) stock has surged to all-time highs after yesterday announcing its new Ryzen 4000 and Athlon 3000 processors with built-in Radeon graphics.
The multinational semiconductor company said that the new chips “feature the most advanced processor core technology on the market combined with the best graphics performance available in a desktop processor.”
The company went on to say that its new AMD Ryzen 4000 G-Series Desktop Processors “deliver impressive generational leaps in performance3 and amazing power efficiency for consumers, gamers, streamers and creators.”
Shares in the company have surged 8.49% so far today, reaching all-time highs as investors and traders react to the news. Yesterday it closed at $57 per share, failing to break a resistance level after ranging between that level and the $49 level for the past few months.
Its share price was also given a nudge by the founder of TheStreet and CNBC Mad Money host Jim Cramer who Tweeted about the stock earlier in the day.
But, it finally made its break today after the new chip announcement and looks set to close as high as $61.
Based on 22 analysts surveyed by TipRanks AMD's stock has a median price target of $57.50 over the next 12 months and a high price target of $70.
“AMD is dedicated to continuously pushing the boundaries of processing power and graphics performance to deliver amazing PC experiences for all customers, from mainstream PC users, to gamers, streamers and enterprise users,” said AMD’s Senior Vice President and General Manager Saeid Moshkelani.
“Today, in association with our longstanding PC partners, we are excited to launch the AMD Ryzen 4000 Series Desktop Processors. The ultimate desktop processors with built-in graphics delivering amazing performance for work or play.”
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