Advanced Micro Devices (AMD) had another amazing year, as expected.

As we noted on December 17, 2020, “After breaking above double top, AMD could be headed to $100 a share. Not only is the company still chipping away at competitor market share, its CEO remains bullish.  In fact, CEO Lisa Su said she expects to see more growth in the PC market and a better than expected first quarter in 2021.”

After starting the year around $91, the stock is now up to $151.54.

Near-term, it’s overdue for a pullback from overbought conditions.  Longer-term, we’d like to see it closer to $200 a share.  Helping, the company just announced that its EPYC chips were selected by Meta (formerly Facebook) as a chip customer.

In addition, AMD revealed new chips.

According to U.S. News & World Report, “The company announced a chip called the MI200 which is an “accelerator” designed to speed up certain tasks like machine learning and artificial intelligence. The new AMD chip is designed to take on Nvidia’s A100 chip, which, along with other chips designed to speed up artificial intelligence, has helped make Nvidia the most valuable U.S.-listed semiconductor company.”

Again, AMD is overdue for a healthy near-term correction.

Longer-term, as it gains market share from competitors, it could see $200, we believe.