AMD is the latest tech company to hit a $1 trillion market cap. Here’s why

Yesterday, Advanced Micro Devices, Inc. (Nasdaq: AMD) became the latest member of one of the world’s most exclusive clubs: companies worth $1 trillion or more. AMD crossed the threshold after a remarkable run in the stock market recently, with the company’s stock price surging 30% in the last 30 days. Here’s what you need to know. Why did AMD surge yesterday? Yesterday, AMD’s stock price rose nearly 10%, closing the day at $615.52. That move boosted the company’s market cap to a level it had never reached before: above a $1 trillion valuation. The chipmaker’s stock price surged, along with other AI-adjacent hardware stocks, on broad investor optimism about the future of artificial intelligence. That optimism was helped by the launch of Meta’s AI agent app earlier this month. Muse is designed for individuals and aimed at helping them manage their digital life. It is currently the #1 app in Apple’s App Store, suggesting broad appeal. While AMD doesn’t own a slice of Muse, rapid public adoption of any new AI app is generally seen by investors as a positive sign that companies will continue to build out infrastructure to support their AI offerings. AMD is one of the largest chipmakers…