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ChatGPT predicts AMD stock price for start of 2024

ChatGPT predicts AMD stock price for start of 2024

Considering its dominant position in the semiconductor market, the unveiling of a brand new artificial intelligence (AI) chip, and a major stock market surge within the context of the tech rally, it is hardly surprising that Nvidia (NASDAQ: NVDA) has lately been taking the spotlight. 

Despite this, it is important to remember that it isn’t the only player in the industry and that Advanced Micro Devices (NASDAQ: AMD) is not only a mainstay when it comes to cutting-edge chips but also plays a key role in the market.

AMD’s stock has, much like Nvidia’s, been performing very well throughout the year despite some turbulence and shows promise of growing even stronger in the coming months. In its quest to peer into the future and figure out where the chip maker’s stock might stand on New Year’s Day, Finbold elected to consult the artificial intelligence of OpenAI’s ChatGPT.

ChatGPT gives price range for AMD on January 1

In a nutshell, ChatGPT proved rather bullish on AMD. According to the AI, the shares of the semiconductor giant are likely to stand somewhere between $125 and $145 on January 1, 2024. The model also justified its prediction with three key points.

AMD has been experiencing strong growth in recent weeks, and the current market trends – highly favorable toward technology companies and especially technology companies playing a major role in the development of AI – hint toward a continued strong performance throughout November and December.

Finally, ChatGPT considers AMD’s competition with Nvidia and the developments emerging from both companies to be an overall positive sign for the future of the former’s stock value.

Likely range for AMD stock on January 1, 2024, according to ChatGPT 4. Source: Finbold and ChatGPT

ChatGPT offers alternative views

When asked if there are other likely price ranges AMD might find itself in on January 1, ChatGPT conceded there indeed are. According to the AI, it is possible that the company might make an exciting announcement or that the broader market might surge due to some other factors, leading to a more bullish outcome, placing AMD between $150 and $170.

ChatGPT also assessed that it is possible that things might take a bearish turn and see AMD fall between $90 and $110. Initially, it was only able to offer some general reasons for why the stock might start falling, much like when discussing the future range for Microsoft (NASDAQ: MSFT) on Monday, but raised some interesting points when pressed.

ChatGPT alternative scenarios for AMD stock performance. Source: Finbold and Andreja

The two most noteworthy concerns are the rising competition coming from Intel (NASDAQ: INTC) and Qualcomm (NASDAQ: QCOM). Additionally, AMD – along with Nvidia – might start facing increasing pressure from across the Pacific in the near future. 

Export restrictions imposed in October by the U.S. government have already prompted China’s Baidu (NASDAQ: BIDU) to try to lessen its dependence on American chips, and it is only a matter of time before companies like Huawei start producing cutting-edge semiconductors.

Another interesting factor is the expected talent shortage. According to ChatGPT, this problem is likely to deepen with the onset of 2024 as the race to localize production intensifies.

ChatGPT offers factors that could lead to bearish movement for AMD. Source: Finbold and ChatGPT.

AMD stock price analysis

While it is difficult to say with any certainty what the new year might bring, it is undeniable that AMD has been having a strong November so far. In the last month, the chip maker’s shares have risen 21.52% from $100.01 to $121.53.

AMD 1-month price chart. Source: Finbold

The strong performance is also visible upon zooming out, as AMD is up 89.83% year-to-date, and upon zooming in as it is 0.75% in the green in the last 24 hours. It has also been steadily rising in the extended hours and is up another 0.11% at the time of publication.

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