Bitcoin’s surge already helping fuel chip stocks like Advanced Micro AMD

AMD has risen more than 1% in May, shaking off the SMH semiconductor ETF’s 14% slump. It’s also up 102% over the past 12 months, while the SMH ETF has fallen 8%, CNBC reports.

“AMD is definitely the star that shines within the SMH group,” Boris Schlossberg, managing director of FX strategy at BK Asset Management, said Thursday on CNBC’s “Trading Nation. ” “Analysts are saying they have a better product for the first time in 50 years than Intel does, and they’re getting a tremendous amount of love as a result.”

“We’ve had a very strong rally in bitcoin. Bitcoin was a big driver of the semi rally when it rallied the first time, so if we get bitcoin over $10,000, we can get it back to that mania of mining again, and that should be an additional tailwind for AMD. So I think AMD is very well positioned,” said Schlossberg.

Bitcoin’s surge , fuel ,chip stocks,  Advanced Micro, AMD, tech news

Mohsen Daemi
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