AMD Stock Up 281% as Cramer Says the Run Isn’t Over

TLDR

• AMD briefly topped $1 trillion in market value on Sept. 21, 2026, before pulling back.
• Jim Cramer says AMD’s run “is not over,” pointing to CPU demand from agentic AI.
• AMD stock is up 187% year-to-date and 281% over the past year.
• The company launched a new AI assistant called Ross for engineers, but shares dipped 0.59% anyway.
• Wall Street rates AMD a Strong Buy with an average price target of $648.07.

---

AMD stock trades near $616 as of writing, up 187% year-to-date and 281% over the past year. The chipmaker briefly crossed $1 trillion in market value on Sept. 21, 2026, before falling back.

Advanced Micro Devices, Inc., AMD

Jim Cramer addressed the run on Mad Money on Sept. 28. He called Lisa Su’s turnaround “arguably maybe the greatest of all time” and said he sees no sign it will stop soon.

Su took over as CEO on Oct. 8, 2014. Back then, a share cost about $3 and the company was worth roughly $2.5 billion.

Why Cramer Is Watching CPUs, Not GPUs

Cramer’s case for AMD isn’t built on graphics chips. It’s built on central processing units and the rise of agentic AI.

Agentic AI systems reason, plan, and act on their own. That workload is inference-heavy and runs constantly, which favors CPUs over the training-focused GPU demand that made Nvidia dominant.

AMD’s EPYC server CPUs have been gaining ground on Intel for years. Data center revenue hit $6.7 billion in Q2 2026, up 107% year over year.

The company’s 6th Gen EPYC processors launched in July and were built specifically for agentic workloads. AMD also closed an $8.2 billion deal for World Labs, a firm founded by Dr. Fei-Fei Li, adding in-house AI research capability.

The $1 Trillion Milestone in Context

Nvidia’s data center unit alone booked $89 billion last quarter, more than 13 times AMD’s total. But Nvidia’s $5.5 trillion valuation is only about five times AMD’s size.

That gap tells you investors aren’t pricing AMD on what it holds today. They’re pricing it on where it’s headed.

Cramer did flag a caveat. A stock up 30% in September alone, one that briefly touched $1 trillion, is vulnerable to profit-taking if unexpected news hits.

Still, he stood by his call. Su has secured commitments from Anthropic for up to 2 gigawatts of MI450 GPUs and expanded AMD Helios deployments with Meta, Microsoft, OpenAI, and Oracle.

Of the 36 analysts covering AMD in the past three months, 30 rate it a buy. None rate it a sell, according to TipRanks.

On Wednesday, Sept. 30, AMD stock slipped 0.59% despite the launch of a new AI assistant called Ross. Ross is built to help engineers move faster through design, testing, debug, and software work.

Ross draws on an AMD knowledge base of guides and technical docs. It also uses reusable “agent skills” so teams can repeat proven workflows across projects.

“The AMD Ross agentic AI assistant has been a valuable addition to our development workflow,” said Geetha Govindaraj of iWave Global. AMD plans to add new tools to Ross each month.

The stock drop came even as analysts issued fresh notes on Tuesday, Sept. 29. William Blair’s Sebastien Naji kept a Hold with no price target, StoneX’s Cody Acree kept a Buy at $685, and Stifel’s Ruben Roy kept a Buy at $635.

Wall Street’s consensus rating on AMD is Strong Buy, based on 30 Buy and six Hold ratings over the past three months. The average price target sits at $648.07, implying about 7% upside from current levels.