Advanced Micro Devices (AMD) stock was up on Wednesday after the semiconductor company announced the date for its FSR Redstone event. FSR Redstone, the newest artificial intelligence (AI)-powered graphics technology from the company, will be highlighted in a launch event on Dec. 10. While the official launch of the Redstone suite isn’t until next month, the technology already made its debut in Microsoft (MSFT) subsidiary Activision Blizzard’s Call of Duty: Black Ops 7, which was released last week.
TipRanks Black Friday Sale
AMD’s FSR Redstone launch is an event that investors will want to keep an eye on. This technology is designed to compete with rival graphics processing unit (GPU) maker Nvidia’s (NVDA) DLSS 4. AMD noted that FSR Redstone will be restricted to its RX 9000 series graphics cards. However, traders will remember reports that AMD could open the technology up to its competitors. This could see it run on GPUs made by Nvidia or Intel (INTC).
If AMD opens FSR Redstone up to other GPU makers, it could see wider adoption by video game developers. If that happens, it might strengthen the company’s position in the GPU space, which is currently dominated by Nvidia.
AMD Stock Movement Today
AMD stock was up 1.93% on Wednesday, extending a 94.34% year-to-date rally. The stock has also climbed 67.36% over the past 12 months.
Another key catalyst that could affect AMD stock in the near term is Nvidia’s earnings report. The chipmaker’s rival is set to report results after markets close today.
Is AMD Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for AMD is Moderate Buy, based on 27 Buy and 10 Hold ratings over the past three months. With that comes an average AMD stock price target of $281.78, representing a potential 20.16% upside for the shares.
See more AMD stock analyst ratings
Disclaimer & DisclosureReport an Issue
