AMD reaches $100 billion market cap after stock rise

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Advanced Micro Devices Inc.’s market capitalization topped $100 billion for the first time after shares of the chip maker rose Wednesday for a third straight session of gains. AMD shares rose 0.3% to close at $85.31 for a market cap of $100.16 billion. Shares received a big boost Tuesday, after another analyst hiked his price target on the stock following the company’s strong earnings report last week and Intel Corp.’s surprise announcement of next-gen chip delays the week before that. Of the 36 analysts who cover AMD, 15 have overweight or buy ratings, 18 have hold ratings, and three have sell ratings, with an average price target of $75.76, according to FactSet data. For the year, AMD shares are up 86%, while Intel shares are down 18%, giving the chip company a market cap of $208.06 billion. Pacing AMD are shares of Nvidia Corp. [s:nvda], which are up 92% for the year, valuing the company at $277.65 billion. Meanwhile, the S&P 500 index is up 3% for the year, while the tech-heavy Nasdaq Composite Index is up 23%, and the PHLX Semiconductor Index is up 19%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.