AMD and Intel shares climbed to new all-time highs Friday as Wall Street continues to reward chipmakers tied to artificial intelligence infrastructure and rising demand for central processing units.
AMD rose about 9% to roughly $443, lifting its market capitalization to about $720 billion, while Intel gained about 14% to around $124, pushing its market value near $627 billion.
The rally followed AMD's stronger-than-expected first-quarter results. The company reported revenue of $10.3 billion, up 38% year-over-year, while data center revenue jumped 57% to $5.8 billion, driven by demand for AMD EPYC processors and Instinct GPU shipments.
AMD CEO Lisa Su told CNBC this week that agentic AI is accelerating demand across the compute market, stating: "Agents are really driving tremendous demand in the overall AI adoption cycle, and we're very excited to be in the middle of it."
Intel's rally stems from a separate bet: that AI inference and agentic applications will revive CPU demand. Intel reported first-quarter revenue of $13.6 billion in April, up 7% year-over-year, with non-GAAP EPS of $0.29. CEO Lip Bu Tan said the CPU is reasserting itself as an "indispensable foundation of the AI era."
Intel also gained momentum after reports that Apple had opened early-stage talks with Intel and Samsung to produce main processors for future devices in the US. The company expanded its partnership with Google to advance AI infrastructure, joined Elon Musk's Terafab AI chip complex project, and received a $8.9 billion investment from the US government, which now holds a 9.9% stake in Intel.
Intel's stock jumped 114% in April, its best month in 55 years on the Nasdaq.