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Advanced Micro Devices' (AMD) stock has rallied about 37% over the past month, hitting an all-time high of $658.52 during today's trading. Its market value topped $1 trillion for the first time on Sept. 21, when shares jumped about 10% in one session. The stock is now up more than 206% this year. Two developments drove the latest surge. Meta’s (META) new Muse AI agent became a hit, raising hopes for server CPU demand. Earlier in the month, CFO Jean Hu also said AMD expects its data center business to double in 2027 to about $70 billion. After a run like this, the question everyone’s asking is whether anything is left. I think there is, for three reasons, but let's first look at how AMD got here.
