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Barchart
Pathikrit Bose

Up 74% Year-to-Date, Is Advanced Micro Devices Stock Still a Buy?

AMD Advanced Micro Devices Nvidia Semiconductor Intel Corporation Microsoft Sydney Morning Herald Taiwan Semiconductor TSM

Semiconductor stocks have been on a roll in 2023 so far, as evidenced by the market-beating 58% gain in the VanEck Semiconductor ETF (SMH). However, individual chip stock returns this year have varied widely.

For example, shares of well-established chipmakers like Intel (INTC), Taiwan Semiconductor (TSM), and Micron Technology (MU) have advanced by 35% - 42% since the start of the year, but are still lagging both SMH and the broader Nasdaq QQQ Invesco ETF (QQQ), which is up 44%. On the other hand, the artificial intelligence (AI)-driven breakout in Nvidia (NVDA) stock (up 219% YTD) propelled the company across the coveted $1 trillion market cap milestone - the first semiconductor stock to achieve this feat.

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