Keep an eye on oversold shares of Advanced Micro Devices (AMD).
After catching support around $77, the stock is now back to $96.64. From here, we’d like to see it retest $110 initially. Helping, analysts at Susquehanna is out with a new price target of $135 with a positive rating on the oversold stock. Plus, Cathie Wood’s Ark Invest just picked up 24,800 shares of AMD for just over $2.14 million.
Fueling even more upside, artificial intelligence shows no signs of cooling.
Instead, according to Grand View Research, the AI market was valued at about $279.22 billion ins 2022 and is expected to grow at a CAGR of about 36% between now and 2030. That’s because “AI has proven to be a significant revolutionary element of the upcoming digital era. Tech giants like Amazon.com, Inc., Google LLC, Apple Inc., Facebook, International Business Machines Corporation, and Microsoft are investing significantly in research and development of AI, thus increasing the artificial intelligence market cap. These companies are working to make AI more accessible for enterprise use cases,” added Grand View Research.
Sincerely,
Ian Cooper
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