Advanced Micro Devices (AMD) shares rose 1.3% Tuesday to approximately $623.77, briefly lifting the semiconductor maker above a $1 trillion market capitalization for the first time. The stock has gained 293% over the past year and roughly 185% in 2026 as investors anticipate sustained demand for AI infrastructure, including accelerators and server CPUs. Major AI deployments by Anthropic, Meta, and OpenAI are supporting revenue and earnings growth. AMD’s data center revenue rose 107% year over year to $6.7 billion in its most recent quarter, while total revenue reached $11.54 billion, up approximately 50%, and adjusted earnings exceeded analyst consensus estimates. Meta’s Muse AI agent, which recorded about 2.8 million downloads in 12 days, has heightened investor focus on the processing requirements of agentic AI applications. AMD has also secured AI partnerships with Microsoft and Oracle, and its Helios rack-scale system combines Instinct accelerators, EPYC processors, and networking components. The rally has made AMD part of an exclusive group of U.S. semiconductor companies, alongside Nvidia, Broadcom, and Micron, to reach trillion-dollar valuations. Shares recently traded at more than 160 times earnings, with market capitalization near $1.02 trillion, leaving investors focused on execution, supply constraints, competitive pressure from Nvidia, Intel, and Arm, and the company’s ability to convert its customer pipeline into consistent revenue and profit growth. CEO Lisa Su’s recent stock sale took place under a predetermined Rule 10b5-1 trading arrangement.