New York, Jan 22, 2026, 09:33 EST — Regular session
Shares of Advanced Micro Devices (AMD.O) climbed 7.6% to $249.80 in early Thursday trading, pushing the chipmaker toward the front of the pack amid a semiconductor rally. Nvidia (NVDA.O) gained roughly 3%, while Intel (INTC.O) surged close to 12%. Both the iShares Semiconductor ETF and VanEck Semiconductor ETF advanced about 3% as well.
The shift is significant since investors rushed back into high-growth tech following earlier market jitters over policy. “Investors are … taking an insurance policy against more policy uncertainty on trade,” said Elias Haddad, global head of markets strategy at Brown Brothers Harriman, as traders awaited the Fed’s preferred inflation gauge set for release Thursday and eyed next week’s rate decision. 1
A KeyBanc note added momentum. The broker stuck with an Overweight rating — essentially a buy — and kept a $270 price target on AMD. It highlighted robust demand for AMD’s latest Turin server chips, with hyperscalers locking in capacity through 2026, according to Investing.com. KeyBanc also pointed to a potential 10% to 15% hike in server-CPU prices. 2
MarketWatch reported that AMD has surged for seven sessions in a row, marking its longest winning streak since February 2025. The rally is fueled by growing excitement over server CPUs tied to AI workloads. The outlet highlighted bullish views from KeyBanc’s John Vinh and Bernstein’s Stacy Rasgon ahead of AMD’s earnings. However, questions remain about whether AMD can ramp up AI GPU production fast enough to challenge Nvidia’s dominance. 3
AMD has shifted focus toward selling “systems” alongside silicon. At CES earlier this month, CEO Lisa Su unveiled the MI455 AI processors powering data-center racks AMD is supplying to OpenAI. She also introduced new Ryzen AI chips designed for PCs. 4
Yet the rally tightens the margin for error on guidance, particularly around AI-accelerator shipments and pricing. Should customers delay orders or AMD be forced to slash prices to secure sockets, the stock could surrender gains just as fast.
PC demand is proving to be a key variable. UBS analysts flagged this month that rising memory prices could dampen laptop sales, since memory accounts for 25% to 30% of a PC’s bill of materials. Intel, set to report after Thursday’s close, has reportedly been losing PC market share to AMD, according to Reuters. Ryuta Makino, an analyst at Intel investor Gabelli Funds, expects “at least a double-digit server CPU price hike in 2026,” a factor boosting sentiment for server-chip suppliers overall. 5
AMD’s next major event is set for Feb. 3, when it releases fiscal fourth-quarter and full-year results after the market closes, followed by a 5 p.m. EST conference call. Investors will focus on updates about data-center demand, AI chip availability and timing, and any remarks from Su about Helios, AMD’s rack-scale AI platform. 6
