AMD Shares Jump Over 13% Following Oppenheimer Upgrade and Google Cloud Deal

Shares of Advanced Micro Devices jumped 13.26% to close at $508.58 on Monday following a rating upgrade from Oppenheimer and a major processor selection by Alphabet's Google Cloud. Oppenheimer analyst Rick Schafer raised AMD from Perform to Outperform with a $600 price target, projecting data center sales to surge 135% next year. The move followed AMD's third-quarter earnings report, which delivered record revenue of $13.4 billion and an EPS of $2.09. Investor enthusiasm was further fueled by news that fifth-generation EPYC CPUs were chosen to power Google Cloud's TPU 8tx systems for artificial intelligence workloads.