AMD Leads Chip Bounce for Third Consecutive Session

AMD's stock price surged 7% to $548.76 in Thursday afternoon trading, leading a third consecutive session of gains for semiconductor stocks.

The move is part of a broader chip bounce, with the iShares Semiconductor ETF (NASDAQ:SOXX) up 3% to $519.50.

Broadcom (NASDAQ:AVGO) stock rose 3% to $349.02, while NVIDIA (NASDAQ:NVDA) stock edged higher by 2% to $218.70.

AMD's move is seen as a group story rather than a solo one, with the sector rebound being the main driver of the price increase.

The company's announcement that it is working with SiFive to tune its open-source ROCm software for RISC-V datacenter servers may be a directional signal, but it is not seen as a near-term revenue boost.