Why Is AMD Trading Higher?

Advanced Micro Devices, Inc AMD shares are trading higher, moving in sympathy with Marvell Technology Inc MRVL, following Marvell’s strong first quarter results and its forecast that AI revenue will at least double by 2024.

The broad tech sector is also getting a boost from the continued positive momentum stemming from NVIDIA Corporation’s NVDA Q1 earnings, which beat expectations.

The tech-heavy Invesco QQQ Trust Series 1 QQQ is trading at 52-week highs as well.

Optimism surrounding ongoing debt ceiling discussions is further bolstering the industry, creating a favorable environment for tech stocks like AMD.

Price Action: Shares of AMD are trading 4.15% higher to $125.35, according to Benzinga Pro data.

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