Advanced Micro Devices Inc. is on fire, and its competitors are sharing in the glory.
The stock surged as much as 6.1 percent Monday to $25.44, the highest level in more than a decade, after the chipmaker debuted a new graphics card over the weekend. The climb marked the seventh-straight day of gains, the longest winning streak in about two years. All 30 members of the Philadelphia Stock Exchange Semiconductor Index were in the green, with AMD holding the top spot of both that group and the S&P 500 Index.
On Sunday, AMD introduced the Radeon Pro V340 graphics card, which it said can power “the most demanding datacenter visualization workloads.” The dual-GPU product is expected to be available in the fourth quarter.
Semiconductor stocks had a tough start to the month after Morgan Stanley downgraded its view on the sector, citing elevated inventory, but they’ve recently recovered. The Philadelphia Stock Exchange Semiconductor Index is on track to close out its fifth-consecutive advance.