After closing the previous year with a brief touch of an all-time high (ATH), the American semiconductor giant Advanced Micro Devices (NASDAQ: AMD) stocks have not continued to push further into record territory. Still, many wonder whether it could hit $200 in 2024.
As it happens, AMD briefly surpassed the $150 area on December 29, 2023, having raced a whopping 134.3% since its January 3, 2023, close of $64.02. However, since then, it has declined by 7.61% to the current $138.58, according to the chart data retrieved by Finbold on January 3, 2024.
Is AMD at $200 in 2024 possible?
For AMD to hit its new ATH at $200, it would have to increase its current price by 44.32%, which is not a huge price difference from now, and especially not an impossible feat considering its increase in 2023 and the years before. For instance, AMD closed 2019 at a mere $30, steadily improving ever since.
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Indeed, the rival to Nvidia (NASDAQ: NVDA) and Intel (NASDAQ: INTC) in the semiconductor business has every chance of reaching this target, particularly as it launches its Radeon RX 7600 XT chip, which aims to cross the performance and pricing gap between the previous models, the RX 7600 and RX 7700XT.
On top of that, the company’s other products have positioned it as one of the market leaders in the data center and artificial intelligence (AI) sectors, including the MI300 chips, as well as the Ryzen 8040 Series laptop processors, which promise a 60% performance boost for AI applications.
AMD stock price analysis
Meanwhile, the AMD stock was at press time changing hands at the price of $138.58, recording a decline of 5.99% on the day and dropping 1.08% across the previous week but nonetheless writing down an increase of 16.88% over the past month, as per the most recent chart information.
All things considered, AMD has demonstrated significant strength in the past and has no reason at the moment to reverse its steady advance over the years. However, it is important to carry out one’s own research before investing any significant amount of money into any asset.
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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.
