AMD becomes latest chipmaker to reach $1 trillion valuation on AI demand

Advanced Micro Devices briefly soared past $1 trillion in market capitalization for the first time on Monday, joining a small group of chipmakers to reach the milestone, as investors bet on its expanding role in AI computing.

The company’s shares were last up 9% at $610, after surging to an all-time high of $613.92 — creating a valuation of just over $1 trillion.

The milestone caps a stellar rally for the Santa Clara, California-based AMD, regarded as the closest rival to AI bellwether Nvidia for graphics processing units.