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Lisa Su, chairwoman and CEO of Advanced Micro Devices (AMD), delivers the opening keynote speech at Computex 2024, Taiwan's premier tech expo, in Taipei on June 3, 2024.
I-Hwa Cheng | Afp | Getty Images
Advanced Micro Devices stock surged 9% on Monday, pushing shares to a record high and topping a $1 trillion market cap benchmark for the first time.
The chip giant's shares hit an intraday high of $613.92, which boosted the company's value just above $1 trillion.
AMD is riding a five-day winning streak, during which shares have gained about 24%. The recent rally has been a welcome sight for investors, who saw the stock fall last month after the company reported second-quarter earnings that beat expectations.
The company reported revenue of $11.54 billion during Q2, up 50% from $7.69 billion a year ago, and its artificial intelligence chips were at the heart of that growth. AMD's Data Center unit reported sales of $6.7 billion, up a whopping 107% from a year ago.
The chipmaker is having a blockbuster year, with the stock up more than 180%. But despite that impressive gain, AMD is still well behind AI chip leader Nvidia, which boasts a market cap of about $5.4 trillion.
AMD stock chart
