US100 defends key support 🔔

US100 (D1 interval)

At the beginning of the session, US100 contracts for the Nasdaq 100 technology index lost nearly 0.80%. At the time of publication, bulls managed to defend key support around the 17,800-point zone and are currently attempting to stay above this level. US100 erased losses from the first part of the session, gaining slightly above 0.05%.

Source: xStation 5

AMD restores hope for bullish return?

Currently, the most gaining companies in the US100 index are Netflix and AMD, which recorded increases of 2.70% and 2.20% respectively. However, it is the latter company that is driving optimism among investors once again.

AMD (AMD.US) quotes are rising today to the $164 level after AMD unveiled new AI-enabled processors, including the Ryzen PRO 8040 Series for business laptops and the Ryzen PRO 8000 Series for desktops, marking AMD's expansion into commercial AI PC offerings. These processors, built with 4-nanometer technology, aim to enhance computing experiences and facilitate AI tasks directly on devices. Expected to be available in partner devices like HP and Lenovo in the second quarter of the year, AMD's new chips will rival those from Nvidia and Intel, highlighting competition within the AI chip market. Additionally, AMD's attempt to halt Intel's sale of advanced chips to Huawei underscores the complex landscape of semiconductor licensing and trade relations.

Maybe AMD gains do not look impressive today, but it's worth mentioning HSBC's new recommendation following today's announcement regarding AI chips. HSBC raises the target price to $225 from the previous $180 per share, indicating a 40% implied growth. The average target price from 61 recommendations for the company is $199 per share. It's worth noting that the company has potential in terms of pricing, considering Nvidia's recent performance. On the other hand, we also observe significant weakness in Intel, which appears to be lagging in the AI race, potentially posing a surprise as well.