Advanced Micro Devices Inc (AMD) announced on Monday the launch of its second generation 32-core, 64-thread Ryzen Threadripper 2990WX processor, or the most powerful desktop processor worldwide.
Shares of Advanced Micro Devices Inc closed higher for the fourth time in the past six trading sessions on NASDAQ on Monday. It has also been the sharpest daily surge since August 6th. The stock went up 3.52% ($0.670) to $19.730, after touching an intraday high at $19.930, or a price level not seen since July 30th ($20.180).
Shares of Advanced Micro Devices Inc have surged 91.93% so far in 2018 compared with a 5.55% gain for the underlying index, S&P 500 (SPX).
In 2017, AMD’s stock retreated 9.35%, thus, it underperformed the S&P 500, which registered a 19.42% return.
According to AMD, the Threadripper 2990WX offers up to 53% faster multi-thread performance and up to 47% higher rendering performance compared to Core i9-7980XE by Intel.
“We created Ryzen Threadripper processors because we saw an opportunity to deliver unheard-of levels of multithreaded computing for the demanding needs of creators, gamers, and PC enthusiasts in the HEDT market,” Jim Anderson, senior vice president and general manager of Computing and Graphics Business Group, AMD, was quoted as saying in the companys press release.
“With the 2nd Gen processor family we took that challenge to a whole new level – delivering the biggest, most powerful desktop processor the world has ever seen.”
Additionally, AMD is expected to launch its 16-core, 32-thread Ryzen Threadripper 2950X processor on August 31st. At the same time, the AMD Ryzen Threadripper 2970WX and 2920X variations are expected to be launched in October.
AMDs second generation Ryzen Threadripper processors employ 12nm “Zen+” x86 processor architecture, offer the most threads on any desktop processor and are also compatible with existing AMD X399 chipset motherboards through a BIOS update.
Meanwhile, last Friday Goldman Sachs revised up its rating on AMDs stock to “Neutral” from “Sell” previously and also raised its price target on the shares to $21.
“The delay in Intels new products will allow AMD to gain share in not only client (i.e. desktop PC, notebook PC) CPUs, but also in the lucrative server CPU market,” Goldman analyst Toshiya Hari wrote in a client note.
The analyst projects AMDs share in the server chip market to increase to 5.1% in 2019 and 9.4% in 2020 from an estimated 2.2% share during the current year.
According to CNN Money, the 28 analysts, offering 12-month forecasts regarding AMD’s stock price, have a median target of $15.75, with a high estimate of $27.00 and a low estimate of $7.00. The median estimate represents a 20.17% downside compared to the closing price of $19.730 on August 13th.
The same media also reported that 14 out of 33 surveyed investment analysts had rated AMD’s stock as “Hold”, while 11 – as “Buy”. On the other hand, 5 analysts had recommended selling the stock.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, todays levels of importance for the AMD stock are presented as follows:
R1 – $19.804
R2 – $19.879
R3 (Range Resistance – Sell) – $19.953
R4 (Long Breakout) – $20.176
R5 (Breakout Target 1) – $20.436
R6 (Breakout Target 2) – $20.566
S1 – $19.656
S2 – $19.582
S3 (Range Support – Buy) – $19.507
S4 (Short Breakout) – $19.285
S5 (Breakout Target 1) – $19.024
S6 (Breakout Target 2) – $18.894
By using the traditional method of calculation, the weekly levels of importance for Advanced Micro Devices Inc (AMD) are presented as follows:
Central Pivot Point – $19.097
R1 – $19.733
R2 – $20.407
R3 – $21.043
R4 – $21.680
S1 – $18.423
S2 – $17.787
S3 – $17.113
S4 – $16.440
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