The stock market closed higher on Friday and ended its three-week losing streak. Investors were delighted on the Federal Reserve Chair Jerome Powell’s comments that the central bank would “proceed carefully” on any further rate hikes. He mentioned that the Fed is committed to bring inflation down to its 2% goal.
Overall, NASDAQ grew 0.9% to 13,591, while S&P 500 rose 0.7% to 4,406.
Tweet of the Day
for a representative sample of Bearish Tech charts I give you $AMD daily
Stock had a Darvas Box breakdown today and frankly the chart has looked horrible since end of May; few Bullish signals, plenty of Bearish signals #Pass #Avoid
There are many charts like this all over Tech pic.twitter.com/xheEUPj8rd
— ModifiedDarvasBox🔲 (@DarvasBoxGuru) August 25, 2023
Chart of the Day
Here is the one-year chart of Advanced Micro Devices (AMD) as of August 17, 2023, when the stock was at $104.
Advanced Micro Devices is a semiconductor company focused on high-performance computing technology, software, and products. It develops high-performance CPUs and GPUs and integrates these with hardware and software. CPUs are used for client systems, high-performance computing, and cloud computing. GPUs are used for gaming, artificial intelligence, and virtual reality.
Advanced Micro Devices’ lofty valuation is set to be tested with the upcoming launch of the MI300 series accelerator chipset later this year. Investors have been buying into AMD trusting that the upcoming MI300 chipsets will provide stiff competition against NVIDIA’s (NVDA) H100. Both these chipsets are next-generation processing units that would power the world’s future AI and HPC workloads.
MI300 will come in two flavors: MI300A and MI300X. The original MI300 utilized CPU and GPU tiles, and has now been rebranded as the MI300A. AMD announced the MI300X last quarter, which uses pure GPU tiles.
AMD CEO Lisa Su has claimed that the MI300X has 2.4 times more memory density and is 1.6 times faster in terms of memory bandwidth compared to NVIDIA’s H100. Management said that the new chips are gaining a lot of engagement with customer engagement growing 7x sequentially as these customers are developing programs for the future deployment of the MI300 chips.
AMD is on the radar for the Growth Portfolio.
