Advanced Micro Devices ($AMD) rose on April 28, 2026. Here's the breakdown of what drove the move and what traders are watching next.
What Happened
OpenAI growth concerns weighing on AI chip stocks; earnings week volatility
The Bull Case
Strong AI demand fundamentals; custom chip partnerships with hyperscalers remain intact; P/E compression may attract value buyers
The Bear Case
Down 3.77% on session; OpenAI missed key financial targets, raising concerns about AI capex cycle; RSI at 72.18 suggests overbought conditions; elevated P/E of 123x leaves little room for disappointment
Price Target & What to Watch
Target: $301.23 (vs. current $322.03)