AMD joins $1 trillion club as shares surge to record high

Advanced Micro Devices crossed the $1 trillion market-value mark for the first time on Sept. 21, joining Nvidia, Broadcom and Micron as U.S. chipmakers worth at least $1 trillion. AMD shares jumped to a record high, last up 9.6% at $613.31, as investors warmed to the company’s expanding role in artificial intelligence computing. Thomas Hayes of Great Hill Capital said money is returning to the AI trade after recent caution over AI spending by hyperscalers, with additional pressure from higher oil prices tied to the U.S.-Iran conflict and expectations of higher-for-longer interest rates. AMD has accelerated AI product launches and broadened from chips to complete system offerings.