What's Going On With AMD Stock Tuesday?

Advanced Micro Devices Inc AMD shares are trading higher Tuesday ahead of the company's AI event. AMD also announced new processors for business users Tuesday morning. 

What To Know: AMD is set to hold its "AMD Data Center and AI Technology Premiere" event at 1 p.m. ET. The company will showcase its growth strategy, product portfolio and capabilities for data center and AI. 

AMD CEO Lisa Su and other executives will highlight new products and momentum across data center, AI and adaptive and high-performance computing solutions. The event is in focus as the stock has rallied nearly 100% year-to-date, largely driven by the company's positioning in the AI space. 

Check This Out: Riding The AI Wave: Upcoming AMD Artificial Intelligence Event Fuels Investor Excitement After 95% Surge In 2023

AMD unveiled new Ryzen PRO 7040 Series Mobile processors Tuesday morning, which are designed to meet the demands of the modern workforce. The company also announced the Ryzen PRO 7000 Series processors for desktop. 

"More than half (52%) of IT managers surveyed say they don't have the proper technology infrastructure needed to handle AI workloads," said Matthew Unangst, senior director, commercial client and workstation at AMD.

"The new Ryzen PRO 7040 Series pairs incredible performance and battery life to meet the needs of today's workforce, while also offering a new dedicated AI engine on select models, to help meet the demands of the AI transformation."

See Also: Advanced Micro Devices Shows Mixed Signals Heading Into Highly Anticipated AI Event: The Bull, Bear Case

AMD Price Action: AMD shares were up 3.11% at $133.20 at the time of publication, according to Benzinga Pro.

Photo: courtesy of AMD.