Advanced Micro Devices (AMD) could test $200 a share shortly, we said on Jan. 18.

“After rallying from about $60 since late 2022, the tech giant is still rallying on heavy chip demand, and the artificial intelligence boom. Helping, Barclays just raised their AMD price target to $200 from $120, noting AMD could see $4 billion in AI chip sales this year. The firm also cited strong demand for AMD’s MI300 chip for servers,” we added.

Several weeks after that call, AMD just hit a high of $211.01 and could push even higher.

We now have a near-term price target of $250, with sights set on $300 by year-end. Again, all thanks to the AI boom that’s not slowing. Helping, analysts at Barclays just raised their price target again on AMD to $235 from $200, with an overweight rating.

The firm’s “optimism is fueled by the growing demand for AMD’s MI300 machine learning chip in server markets, leading to expectations of a surge in data center GPU revenues in 2024,” as noted by BestStocks.com.