AMD Stock Reaches All-Time High as Intel’s Strong Q1 Ignites Chip Sector

TLDR

• AMD stock climbed more than 10% during premarket trading on Friday, April 24, hitting all-time highs above $340
• Intel’s stronger-than-expected Q1 results — $13.6B revenue, $0.29 EPS — boosted confidence across the global chip sector
• D.A. Davidson upgraded AMD to a Buy rating, raising its price target from $220 to $375
• Stifel also lifted its price target from $280 to $320, maintaining a Buy rating, citing AMD’s role in the AI data center space
• AMD will report its earnings on May 5; analysts expect meaningful upside relative to consensus estimates

(SeaPRwire) –   AMD stock rose over 10% during premarket trading on Friday, April 24, reaching all-time highs above $340. This upward move came after Intel posted a strong first-quarter earnings beat, alongside two analyst firms upgrading AMD’s stock within hours of one another.

Advanced Micro Devices, Inc., AMD

Intel reported Q1 revenue of $13.6 billion, which handily beat consensus analyst estimates. Its adjusted EPS came in at $0.29, far exceeding market expectations. This result sparked a wave of optimism across the semiconductor industry, with AMD ranking among the biggest beneficiaries of the positive sentiment.

D.A. Davidson analyst Gil Luria upgraded AMD from a Neutral rating to Buy, and lifted his price target for the stock from $220 to $375. He cited a “structural increase” in CPU demand and “much improved” visibility into AMD’s role in the data center buildout.

“CPU is reinserting itself as an indispensable foundation of the AI era,” Luria wrote. He called Intel’s results “a precursor for a huge step-up for AMD’s CPU franchise.”

Stifel analyst Ruben Roy also raised his price target on AMD, moving it from $280 to $320 while keeping a Buy rating. Roy argued that AMD should be viewed as a core AI player rather than a traditional cyclical semiconductor name.

He pointed to multi-gigawatt commitments from Meta Platforms and OpenAI as proof of the scale of AI infrastructure investment AMD is plugged into.

CPU Demand Takes the Forefront

For much of the AI boom, GPUs grabbed the headlines. But the Intel results put CPUs back in focus. As agentic AI workloads grow — software bots that act on users’ behalf — compute needs are spreading beyond GPUs into high-performance processors.

AMD’s CPUs and GPUs are embedded in servers across AI data centers. Its Helios rack platform is also expected to launch in late 2026, adding another layer to its data center portfolio.

Roy’s note framed this systems-level approach as increasingly central to how investors should assess AMD’s growth potential.

With premarket prices already past Stifel’s $320 target, much of the optimism was already priced in before the open. Investor attention is now shifting toward AMD’s own earnings report, due May 5.

Sector-Wide Momentum

AMD isn’t moving alone. The VanEck Semiconductor ETF (SMH) has climbed 27.73% year-to-date, well ahead of the S&P 500’s 4.07% gain over the same period.

Taiwan Semiconductor Manufacturing (TSM) is up 23% this year. ASML has gained 32%. Both are among SMH’s largest holdings.

TSMC is especially relevant here — AMD relies on it for chip production. Sustained demand for advanced semiconductors, particularly those tied to AI workloads, directly supports AMD’s supply chain.

AMD stock was sitting at all-time highs heading into Friday’s session, with the sector leading the broader market to new records earlier in the week.

D.A. Davidson’s $375 target implies further upside even from current elevated levels. The May 5 earnings report will be the next major test.