Here's Why AMD Stock Is Moving Today

Advanced Micro Devices, Inc. AMD shares were trading higher Friday morning after Benchmark assumed coverage on the stock with a Buy rating and announced a $100 price target.

Advanced Micro Devices designs microprocessors for the computer and consumer electronics industries. The majority of the firm's sales are in the personal computer and data center markets via CPUs and GPUs.

AMD supplies the chips found in prominent game consoles such as the Sony PlayStation and Microsoft Xbox. AMD acquired graphics processor and chipset maker ATI in 2006 in an effort to improve its positioning in the PC food chain.

In 2020, AMD agreed to acquire FPGA-leader Xilinx to diversify its business and augment its opportunities in key end markets such as the data center.

The stock was up 2.56% at $80.43 at last check.