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AI predicts AMD stock price for January 1, 2024

AMD stock set to skyrocket

AMD (NASDAQ: AMD) has emerged as one of the standout performers in 2023, riding high on the wave of the latest AI-led technological revolution. 

Much like its counterpart Nvidia (NASDAQ: NVDA), AMD plays a crucial role in providing the high-end chips essential for training large language models (LLMs), such as those powering generative AI chatbots like ChatGPT and Google Bard

The company’s latest strategic move to unveil a new series of AI chips, touted to surpass Nvidia’s offerings in power, garnered enthusiastic investor response, propelling AMD shares to a fresh 52-week high. 

Seeking further insights into whether the chipmaker can continue its current momentum, Finbold turned to predictive AI tools over on CoinCodex on December 15, to AMD’s stock trajectory in the weeks to come.

The prediction

According to CoinCodex’s AI algorithms, AMD’s shares are projected to trade at around $125 apiece on January 1, 2024. That prediction signals a downturn of roughly 9.5% from AMD’s current stock price

CoinCodex’s AMD stock price prediction for Jan. 1, 2024. Source: CoinCodex

A month from now, CoinCodex expects that decline to deepen further to $122.79, while the long-term 12-month price target sits at $126.55, suggesting a downside of about 8% from the current share price. 

AMD technical analysis

AMD’s stock fell slightly by 0.15% on December 14 and is currently trading at $138 per share.

At this current level, the shares are sitting above multiple near-term support levels, located at $132.8, $125.8, and $122. These price points indicate areas where buying pressure may increase should the stock begin declining

AMD technical analysis chart. Source: TradingView

On the upside, AMD faces a resistance at $141.2, an area around the stock’s 52-week high. The next major resistance lies at $156.7, and clearing that hurdle would pave the way for the stock to attack the all-time high of $161.91 reached in November 2021. 

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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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