AMD shares snapped six-session losing streak

[AMD headquarters in Santa Clara, California, USA]
JHVEPhoto/iStock Editorial via Getty Images

Advanced Micro Devices (NASDAQ:AMD [https://seekingalpha.com/symbol/AMD]) shares inched up on Friday after six consecutive sessions of fall. The stock was up 2.5% at $167.78.

Chip stocks were in the green on Friday after Federal Reserve Chair Jerome Powell signaled the Fed will potentially cut rates [https://seekingalpha.com/news/4488348-chip-stocks-gain-after-fed-chair-powells-speech-at-jackson-hole] in September if data warrants.

AMD’s shares lost 9.5% in the preceding six sessions. On a year-to-date basis, the semiconductor company advanced nearly 35%, compared to the broader market, which rose by 8.3%.

Looking at Seeking Alpha’s quant rating [https://seekingalpha.com/symbol/AMD/ratings/quant-ratings], AMD has a Hold rating with a score of 3.4 out of 5. The company has been graded A for profitability but is dragged down by a D+ grade for valuation. Wall Street analysts [https://seekingalpha.com/symbol/AMD/ratings/sell-side-ratings] have issued a Buy call for the stock.

However, Seeking Alpha analysts [https://seekingalpha.com/symbol/AMD/ratings/author-ratings]have issued a Buy call for AMD with 24 analysts rating it Buy and above. Eight analysts suggest Hold while three recommend Sell.

"By broadening strategic partnerships with key hyperscalers and holding a nice pricing premium as long as it's possible for the right demand/supply equilibrium, I think that it's just inevitable that AMD will keep eating away at Nvidia's GPU market share over time," pointed out [https://seekingalpha.com/article/4815969-amd-the-road-to-200-is-now-clearer] a recent Seeking Alpha analysis.

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