Stock Market Today, Nov. 12: AMD Jumps 5.9% on Bank of America Price Target Hike to $700

Advanced Micro Devices (NASDAQ:AMD), a CPU, GPU, and AI accelerator designer, closed at $585.30, up 5.86%. Shares rose as investors rotated into semiconductor peers after Nvidia leadership turmoil and on analyst upgrades. Investors are watching AI-chip share gains and next week’s Nvidia report.
Trading volume reached 54.9M shares, coming in about 127% above its three-month average of 24.1M shares.

How the markets moved today

The S&P 500 fell 0.36% to 7,592, while the Nasdaq Composite declined 0.39% to 25,366. Among semiconductor rivals, Intel closed at $61.20, down 2.08%, while Nvidia finished at $166.19, down 4.34%, highlighting volatility across semiconductors — CPUs, GPUs, and data-center AI accelerators.

What this means for investors

The Bank of America upgrade is merely the latest in a series of tailwinds for the stock. BofA raised its price target on AMD to $700 per share, up from $650, citing rising chip demand as the reason for this call.

Additionally, it appears Nvidia’s loss was AMD’s gain. William Blair also upgraded AMD stock on the belief that Nvidia’s turmoil would turn into an opportunity for AMD to gain market share. That decision comes as Nvidia CEO Jensen Huang’s sudden resignation casts tremendous uncertainty over AMD’s largest competitor in the data center space.

However, even without Nvidia’s troubles, AMD’s data center business appears to be firing on all cylinders. AMD reported its earnings for the third quarter of 2026 last week, delivering fantastic news.

Yearly revenue growth in the data center segment was 97%, suggesting it commands a significant share of the AI chip market. Su further stated that the company expects server revenue to double in 2027, a call that may have influenced the upgrades and higher target prices.

Admittedly, at a P/E ratio of 127 and a forward earnings multiple of 72, the analyst calls may not be a buying opportunity. Nonetheless, the news makes it more likely that AMD stock will continue to move higher in the near term.

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