Written by Emily Barry
Five years ago, AMD was No. 222 on the S&P 500. Rounding down the digits will give you the current rank.
Five years ago, Advanced Micro Devices Inc. was ranked No. 222 among S&P 500 companies; today it is ranked No. 22.
The company closed Thursday with a market value of more than $300 billion for the first time, the latest milestone in the chipmaker's impressive performance. AMD stock (AMD) rose 9% in Thursday afternoon trading, giving the company a market capitalization of $311 billion.
See also: AMD CEO Lisa Su just sold $20 million in stock. Was it “opportunism”?
Like many high-profile chip moves that have seen their stock prices skyrocket recently, AMD has significantly increased its status as one of America's largest companies over the past few years. Five years ago, AMD was ranked 222nd in market cap on the S&P 500 SPX, compared to 114th four years ago. AMD only a year ago he was ranked 58th.
AMD's big Thursday rally came on a generally strong day for semiconductor stocks, especially those that have been talked about as an alternative to Nvidia Inc. (NVDA) amid the artificial intelligence boom. Super Micro Computer Inc. (SMCI) and Marvell Technology Inc. (MRVL) shares each rose 6.1%, while Arm Holdings PLC (ARM) shares rose 5.4%.
Meanwhile, the PHLX semiconductor stock index SOX rose 2.4%.
AMD stock rose further in after-hours trading on Thursday after Dell Technologies Inc. (DELL) issued upbeat comments.
“We are also seeing strong interest and orders for AI-optimized servers powered by next-generation AI GPUs. [Nvidia’s] H200 and [AMD’s] MI300X,'' Dell Chief Operating Officer Jeff Clark said during an earnings call Thursday afternoon.
SEE ALSO: Dell's big quarter sees stock soar 15% as demand for AI servers soars
-Emily Barry
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02/29/24 1747ET
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