Advanced Micro Devices stock is leading the chip sector charge
Advanced Micro Devices, Inc. (NASDAQ:AMD) is leading the chip sector's charge today, last seen up 10.1% to trade at $113.28 after the company's strong second-quarter results. Plus, reports that U.S. export restrictions on China will be less aggressive than previously anticipated are boosting sentiment.
AMD is bouncing off a familiar floor at the $135 level, which also served a launching pad in January. Shares are on track for their highest single-day percentage jump since February, after a rally earlier this month ran out of steam before reaching $190. AMD added 29.6% over the past 12 months.
Nvidia Corp (NASDAQ:NVDA) stock is also surging today, up 9.6% to trade at $113.66 at last glance. Morgan Stanley named the company a top pick earlier today, and said it is now a great time to buy shares after an overdone selloff.
NVDA yesterday hit its lowest level since May, after getting rejected at the $135 region as it attempted to rally toward a June 20, record high of $140.76. Nvidia stock is up 131.1% so far this year, though.
Options traders are blasting both AMD and NVDA today, with call volume running at double the intraday average for both. The weekly 8/2 160-strike call is the most popular contract for the former, and for the latter the most active is the 115-strike call in that same series.