AMD Shares Are Moving Higher Today: Analyzing The Chip Stock

Advanced Micro Devices Inc (NASDAQ:AMD) shares are trading higher Wednesday after multiple analysts raised price targets on the stock. Here’s what you need to know.What To Know: Wedbush analyst Matt Bryson maintained AMD with an Outperform rating on Wednesday and raised the price target from $190 to $270. HSBC analyst Frank Lee also increased his bullish outlook, maintaining a Buy rating on AMD and lifting the price target from $185 to a Street-high $310.AMD has a consensus Buy rating from analysts with an average price target of $213.25.The price target increases come after AMD shares climbed on Tuesday after the company announced that Oracle Cloud Infrastructure will deploy 50,000 of its AI chips starting in the third quarter of 2026. Oracle will be a launch partner for the first publicly available AI supercluster powered by AMD Instinct MI450 Series GPUs.AMD Analysis: AMD shares are approaching 52-week highs of $240.10, reflecting strong bullish momentum as the company continues to capitalize on positive market sentiment and robust demand for semiconductor products.With a year-to-date performance of 85.2%, AMD has significantly outperformed many of its peers, positioning itself as a major player in the semiconductor industry with a market cap of $353.93 billion. The stock is currently trading 29.7% above its 50-day moving average of $172.23 and an impressive 70.1% above the 200-day moving average of $131.37, indicating a strong upward trend and investor confidence.The relative strength index (RSI) stands at 69.25, suggesting that while the stock is nearing overbought territory, it remains in a neutral signal range. This could imply that there is still room for further upside, particularly as the stock approaches its resistance level at the 52-week high, a psychological barrier that may attract both buyers and sellers.Given the absence of calculated support levels, the 50-day moving average will serve as a critical support point, providing a buffer against potential pullbacks.As AMD approaches its resistance level, the current setup suggests that a breakout above $240.10 could lead to a new wave of buying interest, potentially propelling the stock to new highs. Traders should watch for confirmation of this breakout, as it would indicate sustained bullish momentum in the face of increasing demand for semiconductor technologies.AMD Price Action: AMD shares were up 2.32% at $223.18 at the time of publication on Wednesday.