What Happened to Advanced Micro Devices Stock Today? – Advanced Micro Devices (NASDAQ:AMD)

Advanced Microprocessor Devices, Inc.AMD Shares rose steadily throughout Tuesday’s trading session, ending the day up more than 4%.

What to know: The Nasdaq 100 Index closed Tuesday’s session at 20,011 points and set a new intraday closing high, helped by strong gains from AMD and Tesla, Inc. TSLA.

Investors’ confidence in future interest rate cuts boosted by comments from the Fed chairman Jerome Powell who spoke Tuesday at a European Central Bank monetary policy panel. Powell suggested that the disinflationary trend had resumed and that the labor market was showing signs of “cooling off appropriately.”

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AMD shares have gained more than 40% over the past year as the company’s stock continues to benefit from the widespread use of artificial intelligence across industries.

The company recently released an updated version of its AMD ROCm 6 open-source software platform, ROCm 6.1, which is designed to keep up with the rapid advances in artificial intelligence frameworks.

Updates include a new ROCm library that enables efficient video decoding directly on AMD GPUs, as well as updates to the MIOpen library aimed at improving performance on GPUs, especially for deep learning applications involving inference and convolutions.

AMD shares rose steadily on above-average volume on Tuesday and ended the session above their 50-day moving average of $158.79, according to data from Benzinga Pro.

AMD price action: According to Benzinga Pro, Advanced Micro Devices shares closed Tuesday’s session up 4.20% at $164.31.

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