Shares of Advanced Micro Devices Inc. shot up as much as 8% to a 7-week high in morning trade Wednesday before paring some gains to be up 4.2%, after the company unveiled its Epyc server chip, which analysts were mostly upbeat about. The stock has now rocketed 15% over the past three sessions. Volume topped 45 million shares within 25 minutes after the open, already more than half the full-day average of about 77.4 million shares. Canaccord Genuity analyst Matthew Ramsay wrote in a research note that he believes “AMD has built the foundation to re-emerge as a solid competitor in the enterprise, cloud and storage tiers of the server market” to add unique value to customers for deep learning and artificial intelligence. The stock has climbed 17% year to date, while the PHLX Semiconductor Index has rallied 19%, shares of rival Intel Corp. have lost 5.3% and the S&P 500 has gained 8.9%.
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