AMD and Intel Surge as Raymond James Upgrades AMD and Pelosi Buys In
AMD and Intel shares both rose by 3% on Tuesday morning after separate events triggered their growth. AMD's stock price reached $469.89, while Intel's climbed to $90.13. This increase is part of a broader trend in the semiconductor sector, with the iShares Semiconductor ETF (NASDAQ:SOXX) up 2% and the Invesco QQQ Trust (NASDAQ:QQQ) up 0.78%. The AMD move follows an upgrade from Raymond James, which raised its price target for AMD to $641 from $565, citing an attractive valuation and a long-term server CPU opportunity tied to AI.
The firm projects the AI server CPU market to grow at a 44% five-year compound annual growth rate, reaching approximately $201 billion in revenue by 2030. Intel's stock increase is attributed to a congressional filing showing that Paul Pelosi, spouse of Nancy Pelosi, purchased 10,000 Intel shares valued between $500,001 and $1 million on July 24.
NVIDIA (NASDAQ:NVDA) and Broadcom (NASDAQ:AVGO) also rose by 1% each, with NVIDIA's stock price reaching $211.14 and Broadcom's at $363.50. The semiconductor sector is expected to be influenced by NVIDIA's fiscal Q2 2027 results, which will be released after the close on August 26.