"Mad Money" host Jim Cramer recently put a spotlight on Advanced Micro Devices (NASDAQ:AMD), signaling a green light for investors to consider the stock. Here's what has stirred up the market.
What Happened: On Thursday's episode of CNBC's "Lightning Round," Cramer expressed a positive outlook on AMD, recommending the stock as a buy.
"I like AMD here. I think AMD has been in the penalty box long enough [buy, buy, buy!]," he said.
Why It Matters: AMD recently announced a strategic partnership with Sony Semiconductor Solutions (SSS) to advance LiDAR technology for autonomous vehicles. This collaboration aims to enhance the performance of SSS's LiDAR systems, promising exceptional accuracy and reliability for autonomous driving technologies.
Moreover, the sentiment around AMD has been gaining traction among investors on social platforms as well. A Reddit user recently dubbed AMD as "the nice ugly stepsister of hot bae Nvidia," anticipating the stock to reach $450 by year-end.
As of Thursday, AMD's stock closed at $178.68, down 0.58% from its previous close while Nvidia closed at $914.35 with a slight increase of 1.18% from its previous closing rate, according to Benzinga Pro.
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