Advanced Micro Devices, Inc. (NASDAQ:AMD) stock traded higher Friday as semiconductor stocks benefited from a broader risk-on move.

The Nasdaq gained 0.16%, while the S&P 500 rose 0.33%. The Russell 2000 climbed 0.66%, and the Dow Jones Industrial Average added 0.55%.

BMO Turns Bullish On AMD

A bullish analyst call from BMO Capital Markets also added to positive sentiment around the chipmaker. BMO Capital Markets analyst Harsh Kumar initiated coverage of AMD on Friday with an Outperform rating and a $550 price forecast.

Kumar said AMD is nearing its transition into a complete AI infrastructure provider. Its portfolio spans GPUs, CPUs, DPUs and full-rack AI systems.

The analyst highlighted AMD’s Helios AI rack as the closest competitor to NVIDIA Corp.’s (NASDAQ:NVDA) NVL72. BMO expects Helios to begin shipping in September 2026.

AMD has already secured several Helios design wins, including OpenAI, Meta Platforms Inc. (NASDAQ:META) and Anthropic, according to Kumar. He expects AMD to capture additional AI infrastructure market share, providing another growth driver.

The stock trades at a price-to-earnings ratio of 119.8, reflecting a premium valuation. AMD carries a Buy consensus rating and an average price forecast of $590.09. On Aug. 6, Argus Research maintained a Buy rating and raised its forecast to $625. Rosenblatt also maintained a Buy rating and lifted its forecast to $700.

Technical Analysis

AMD remains in a long-term uptrend, although its shorter-term technical picture is mixed.

The stock trades 1.4% below its 20-day simple moving average and 7% below its 50-day SMA. However, it remains 7.2% above its 100-day SMA and 43.8% above its 200-day SMA.

The 20-day SMA is below the 50-day SMA, signaling near-term weakness. Still, the 50-day SMA remains above the 200-day SMA, keeping the longer-term trend bullish.

AMD’s relative strength index stands at 46.05. That indicates neutral momentum, with the stock neither overbought nor oversold.

Key resistance sits near $530, while support is around $463.

AMD has gained 188.16% over the past 12 months. The stock reached a 52-week high of $584.73 in June before pulling back in July.

A sustained move above the 20-day and 50-day averages could strengthen the bullish setup. However, a break below $463 could shift attention toward the 100-day SMA.

Benzinga Edge Rankings

AMD scores strongly on several Benzinga Edge measures. It has a Momentum score of 97.93, Quality score of 94.05 and Growth score of 94.96.

However, its Value score stands at just 4.73. That combination points to strong growth and momentum but also a rich valuation.

Top ETF Exposure

AMD is a major holding in the iShares Semiconductor ETF (NASDAQ:SOXX), with an 8.10% weighting. It also accounts for 7.74% of the CoreValues America First Technology ETF (NYSE:USMD) and 8.31% of the ARK Next Generation Internet ETF (NYSE:ARKW).

AMD’s sizable weight means significant fund flows into or out of these ETFs can contribute to buying or selling pressure in the stock.

AMD Price Action

Advanced Micro Devices shares were up 1.60% at $476.96 at the time of publication Friday, according to Benzinga Pro.

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