Advanced Micro Devices, Inc (NASDAQ:AMD) shares are trading higher, moving in sympathy with Marvell Technology Inc (NASDAQ:MRVL), following Marvell’s strong first quarter results and its forecast that AI revenue will at least double by 2024.
The broad tech sector is also getting a boost from the continued positive momentum stemming from NVIDIA Corporation’s (NASDAQ:NVDA) Q1 earnings, which beat expectations.
The tech-heavy Invesco QQQ Trust Series 1 (NASDAQ:QQQ) is trading at 52-week highs as well.
Optimism surrounding ongoing debt ceiling discussions is further bolstering the industry, creating a favorable environment for tech stocks like AMD.
Price Action: Shares of AMD are trading 4.15% higher to $125.35, according to Benzinga Pro data.
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