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AMD on path for record market cap, Citi bullish on sector

Advanced Micro Devices (AMD) stock rises to a new all-time high, on the path to potentially close Thursday with a market cap of $300 billion if it holds onto gains. Yahoo Finance Live monitors the semiconductor stock as Citi analysts remain bullish on the sector as a whole.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Luke Carberry Mogan.

Video transcript

JOSH LIPTON: Now let's check in on some of today's top trending tickers. AMD is going to kick off things here with another semiconductor stock. It's nearing all-time highs here.

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AMD soaring today. And if it closes above one 185.67 per share, the chip maker will end today with a market cap greater than $300 billion for the first time on record. The move coming on the heels of a note from Citi saying it is still wildly bullish on the Semis. So AMD, by the way, Julie, hits a 52 week high in today's trade.

On track to close we said market cap greater than $300 billion. That is a first for Lisa SU's company a milestone. And what a run.

I mean, look at this chart. It's up about 30% already this year. It's up about 140% over the past 12 months.

And that run has not shaken analysts one bet. They are still confident as ever. That you should buy this gross majority. 76% still rated to buy. So almost near NVIDIA like love on the street.

JULIE HYMAN: And when you quoted from that city, note that is a direct quote. We are, quote, still wildly bullish on Semis. You don't see language like that from sell side analysts, very frequently.

JOSH LIPTON: Usually, much more contained group.

JULIE HYMAN: Great. Yeah, I mean, even though they like their puns to be clear. They love the headline. But still, it's interesting to see that.

And by the way, the analysts there don't just like AMD. They do still like NVIDIA. And they like Broadcom as well, and say the upcoming Broadcom earnings will be another positive catalyst.

Those Broadcom earnings, by the way, are coming after the close on Thursday. So that's the next thing to watch here, to see if it's another catalyst for the industry.

And it's interesting that they're also looking at the so-called the DRAM market, which is one of the memory chip markets. That continues to improve with beat and raises by Samsung and Hynix. And they're looking ahead to micron as another, again, positive event in that subset of semiconductors.

JOSH LIPTON: Wildly bullish. They like the demand trends are seeing in these end markets from PCs, to servers, to smartphones. And the AI market continues to grow. They told clients all kinds of companies basically are saying keep buying these AI chips.