Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Advanced Micro Devices, Inc. (NASDAQ:AMD) has been quite the mover this week. The stock received another encouraging sign after a report said there is no truth to rumors that the company is looking to slash Ryzen 7 chip prices.
A PC World report on Wednesday said AMD hasn't announced any price cut for its Ryzen 7 chips. There were reports on June 2 of AMD slashing prices of its Ryzen 7 line of processors ahead of the launch of its Ryzen Threadripper CPUs.
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"We have noted some speculative articles appearing commenting on AMD's pricing following Computex and would like to reiterate that Ryzen 7 and Ryzen 5 pricing remains unchanged," AMD told PCWorld. The company dispelled the logic that the price reduction was contemplated in anticipation of the Threadripper launch by suggesting that the Threadripper is far more expensive relative to its Ryzen 7 or Ryzen 5 family of processors. If there has been a downward price move in the market, AMD said it might have to do with a specific partner or retailer.
PC World also noted that Intel Corporation (NASDAQ:INTC) had earlier quashed rumors of a price cut for its line-up of its processors, when AMD released its Ryzen 7 processors in March.
Stock On A Tear
After a sideways move under the $11.25 handle since May 19, the stock broke above the level in early June. Since June 1, the stock is up about 13 percent. Several catalysts played out the during the period, lifting the stock closer to its mid-May highs of $12.75, which is off its multi-year high of $15.20 hit on February 27 amid the commercial launch of its Ryzen 7 desktop processors.
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Shares traded higher Monday amid the mention of the use of Radeon RX 580 GPU at Apple Inc. (NASDAQ:AAPL)'s Worldwide Developers Conference.
On June 6, shares rose 7 percent after a CNBC report said AMD suggested cryptocurrency mining markets are driving demand for its graphics cards.
At time of publication, the stock traded at $12.50.
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Image Credit: By Ordercrazy - Own work, CC0, via Wikimedia Commons
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.