Advanced Micro Devices (AMD) Stock Surges 32% in Record 11-Day Rally

Key Takeaways

• Advanced Micro Devices has posted gains for 11 straight trading days, marking its longest winning run in nearly two decades
• Shares have climbed 32% during this 11-session streak and have surged 192% year-over-year
• Bernstein SocGen Group lifted its price objective to $265 from $235 while maintaining a Market Perform stance
• The firm’s updated 2027 revenue forecast of $76.7 billion significantly exceeds the $67.5 billion Street estimate, driven by the Meta AI partnership
• Taiwan Semiconductor’s strong quarterly earnings announcement coincided with AMD’s rally

Advanced Micro Devices has orchestrated a remarkable performance that ranks among its strongest in the past two decades. Through Wednesday’s market close, shares had appreciated 32% across 11 consecutive positive sessions — representing the company’s longest uninterrupted winning sequence since 2005, per Dow Jones Market Data.

Advanced Micro Devices, Inc., AMD

Premarket activity Thursday showed shares climbing an additional 0.3%, positioning the stock for a potential 12th straight day of advances.

Looking at the broader picture, AMD has delivered a 192% return over the trailing 12-month period. In 2025 alone, the stock has appreciated 21%. The current momentum has benefited from widespread market strength, including renewed investor confidence following developments related to the Iran ceasefire situation.

Thursday also brought positive news from Taiwan Semiconductor — the global leader in contract chip manufacturing — which posted a substantial increase in quarterly earnings, further bolstering sentiment across the semiconductor industry.

The broader chip sector displayed mixed performance heading into Thursday’s opening bell. Nvidia traded lower, Intel moved higher, and Marvell held steady.

Bernstein Elevates Price Objective, Highlights Meta Partnership

Bernstein SocGen Group increased its AMD price target to $265 from a previous $235, while reaffirming its Market Perform rating. At the time of the upgrade, shares were changing hands near $258, approaching the 52-week peak of $267.08.

The firm revised its financial model to incorporate more robust server market expectations while tempering PC market projections. Bernstein now anticipates EPYC CPU revenue will expand approximately 50% year-over-year in 2026.

A critical component of the enhanced outlook centers on AMD’s strategic agreement with Meta, which Bernstein believes remains underappreciated by the investment community.

For the first quarter of 2026, Bernstein projects $9.9 billion in revenue alongside $1.27 earnings per share. The full-year 2026 estimate calls for $45.8 billion in revenue and $6.48 EPS — trailing Wall Street’s consensus of $47 billion and $6.74.

2027 Projections Show Dramatic Upward Revision

The most significant adjustment appears in Bernstein’s 2027 outlook. The investment bank now forecasts $76.7 billion in revenue and $13.23 EPS for that fiscal year — a substantial increase from its previous projection of $56.7 billion and $9.25, and notably above the Street consensus of $67.5 billion.

This substantial upgrade stems primarily from the Meta AI collaboration and elevated server market assumptions.

Bernstein did sound a cautionary note regarding one aspect: consensus PC estimates for 2026 appear overly optimistic, which could create headwinds for near-term performance.

Other Wall Street firms have expressed bullish views as well. Erste Group elevated AMD to Buy from Hold, emphasizing data center momentum and margin improvement. Aletheia Capital maintained its Buy rating, highlighting AMD’s expanding presence in AI infrastructure.

AMD is scheduled to announce quarterly results on May 5. Management previously provided guidance indicating 32% year-over-year revenue expansion in Q1 2026, propelled by data center CPU and GPU sales.

At present valuations, InvestingPro’s Fair Value analysis suggests the stock trades above intrinsic value, though AMD maintains an attractive PEG ratio of 0.59.