Advanced Micro Devices shares were up 1.5% at $553.35 around 6:40 a.m. ET Friday after jumping 6.4% Thursday, extending a three-session rebound from Monday’s AI-led semiconductor selloff. Ondo’s AMDon token was meanwhile trading near $554 on MEXC.
The recovery has not been isolated to AMD. The Philadelphia Semiconductor Index rose 3.1% Thursday, while Intel gained 7.7%, Arm 8.6% and Micron 5.5%, showing that much of the rebound has been sector-wide. Friday’s backdrop remained supportive, with Nasdaq 100 futures up 0.56% early in the session as falling oil prices eased inflation concerns.
Demand Commentary Strengthens AMD’s Recovery
AMD also has company-specific support behind the broader semiconductor rebound. Piper Sandler reiterated an “Overweight” rating and $600 price target this week after AMD’s third-quarter pre-quiet-period call, with analyst David O’Connor saying CPU and GPU ramps remained on plan and demand continued to exceed available supply. The firm said available supply was sufficient to support AMD’s existing guidance and potentially more. Piper’s post-call assessment focused on Helios, Venice CPUs, and supply conditions.
That commentary arrived immediately after a sharp change in sentiment toward AI hardware. AMD closed at $493.41 on Monday as calls by leading AI executives for slower model development triggered a global chip selloff. The stock then rose in each of the next three regular sessions, closing Tuesday at $504.20, Wednesday at $512.50 and Thursday at $545.09. Friday’s $553.35 premarket quote leaves AMD about 12.1% above Monday’s close.
There was no new AMD investor-relations press release Friday; the company’s latest IR release remains its Aug. 31 Cisco/HUMAIN update. However, reports published early Friday said AMD had notified customers of roughly 10% price increases in the fourth quarter for AI accelerators, consumer GPUs and motherboard chipsets, with higher TSMC costs cited as the driver. AMD had not publicly confirmed the report. Friday’s backdrop therefore includes both the broader semiconductor rebound and fresh, but unconfirmed, AMD-specific pricing news, alongside Piper Sandler’s demand commentary.
The Bigger Test Is Turning Demand Into Results
The rebound also changes the picture from AMD’s last earnings reset. AMD reported record second-quarter revenue of $11.54 billion, up 50% year over year, with Data Center revenue more than doubling to $6.7 billion. Management said EPYC demand was accelerating, Instinct deployments were scaling, and Helios was beginning to ramp.
AMD nevertheless fell 7.0% in the next regular session, from an Aug. 4 close of $518.58 to $482.05, as investors demanded a larger AI payoff despite better-than-expected guidance. Reuters reported at the time that elevated expectations and supply constraints were central concerns.
AMD’s $553.35 premarket price is about 6.7% above its Aug. 4 regular-session close before the earnings release, effectively recovering that post-report reset. The operating tension has not disappeared: AMD’s official third-quarter outlook calls for roughly $13 billion of revenue, up about 13% sequentially, so execution on the supply and product ramps highlighted by Piper remains important.
AMD currently has no future investor event formally scheduled on its IR calendar. The confirmed operating roadmap remains the Helios ramp: AMD said in July that Helios rack-scale systems were already in production for large AI deployments, keeping execution against that ramp and the $13 billion Q3 revenue outlook at the center of the next fundamental update.
AMDon Tracks the Rebound in a Separate Market
According to CoinGecko, Ondo’s AMDon token was trading around $553.69 on MEXC early Friday, with roughly $315,000 in 24-hour volume on the pair. Other active markets were also quoting AMDon around $553 to $554.
The token trades in a different market from Nasdaq-listed AMD, so its price action covers a separate trading window. Ondo says its tokenized stocks provide economic exposure to the underlying securities, including the economic effect of reinvested dividends, but the tokens are not themselves shares of the listed companies and do not give holders the right to receive the underlying stock.
Investor Takeaway
AMD has reversed Monday’s AI-driven selloff as both semiconductor sentiment and company-specific demand commentary improved. The central question is now whether AMD can convert demand that analysts say exceeds supply into the revenue and product ramps embedded in its Q3 outlook, while AMDon is reflecting the same equity story through a separate tokenized-market trading window.
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