AMD to $200 (61%) – Strong Support ends ConsolidationNASDAQ:AMD weekly charts looks very good. The trendline from March 2023 is intact and we also touched the 61.8 fibonacci from the complete move (starting in October 2023). The descending wedge could be broken to the upside today, which would be a bullish sign for a stronger move towards $200. All in all, many semiconductor stocks are currently on supports or are fundamentally more attractive than they were months ago.
Fundamentally NVIDIA still dominates the AI datacenter market with a market share of over 90%. But Advanced Micro Devices is improving its hardware and software offerings. The recently released MI325X and the upcoming MI350 series could give AMD more market share with faster release cycles. First signs show significant customer interest. In addition, AMD has a more stable revenue stream from other products like CPUs and non-AI datacenters. Given the high prices of NVIDIAs products the market itself should have a deeper interest in more competition.
Target Zones
$135
$160
$200
Support Zones
$117-$120