While when it comes to the technology sector, all eyes have arguably been on Nvidia (NASDAQ: NVDA) and Super Micro Computer (NASDAQ: SMCI), the other major semiconductor stock – Advanced Micro Devices (NASDAQ: AMD) – should certainly not be shunned by investors.
AMD shares had a massive one-day surge at the very start of March, following a prolonged preparatory phase and spurred on by a string of positive developments and new technology announcements from the company.
Advanced Micro Devices’ prospects were, however, subsequently dampened as the U.S. government took exception to the chipmaker’s new China-bound microchips, leading to a significant slowdown to the uptrend and fears that a correction might be inbound.
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With the positive and negative developments for AMD in mind, FInbold decided to consult the most advanced model of OpenAI’s flagship artificial intelligence (AI) platform – ChatGPT – on what the rest of 2024 might have in store for Advanced Micro Devices.
ChatGTP-4 predicts AMD’s fortunes in 2024
When asked about AMD, ChatGPT appeared immediately rather positive on the company and its stock. The AI quickly pointed toward the recent developments and new microchip models and, once combined with recent market trends, concluded that the firm is likely to see growth in the coming months.
ChatGPT’s price forecast, however, wasn’t as bullish as the initial assessment might have suggested, and the AI opted for a range between $215 and $230 for AMD.
After being pressed to settle on a specific price for Advanced Micro Devices at the end of the year, ChatGPT-4 decided that $222.50 feels the most likely.
A prompt demanding the AI make a strong bullish case – and an accompanying forecast – saw the advanced model focus on the possibility AMD’s newest units will see widespread adoption and the chance that AMD might come out with some groundbreaking new technology.
A scenario such as this could see Advanced Micro Devices shares, according to ChatGPT-4, find themselves priced at $250 in the stock market on December 31, 2024.
After also focusing on the dangers of a wider economic downturn or supply chain issues – which are not unlikely given the ongoing situation in the Red Sea – and reflecting on competitive pressure from the blue-chip chipmaker Nvidia, ChatGPT concluded that a bear scenario could see AMD drop as low $180 by the end of the year.
AMD stock price chart
No matter the future forecasts, the present state of AMD shares speaks volumes about the company’s recent successes. In the last 52 weeks, Advanced Micro Devices stock surged 152.75%, and it continued skyrocketing in 2024 as it is 48.02% in the green year-to-date (YTD).
The more recent trend is also broadly positive, with AMD stock rising 22.19% in the last 30 days. The latest full trading day, however, saw a slight decline of 0.11%, with Advanced Micro Devices shares closing at $205.13.
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