Advanced Micro Devices Inc (NASDAQ:AMD) stock is up 12% to trade at a new record high $341.86 at last glance, enjoying a halo lift from Intel's (INTC) strong quarterly report, which renewed AI trade optimism.
The equity has only had one negative session so far in April, when it snapped a 13-day win streak. AMD has since resumed its rally, though, today pacing for its fourth-straight gain and biggest single-day percentage pop since Oct. 6, as well as its seventh consecutive weekly win. So far in 2026, AMD has already added 60%.
Though most analysts are optimistic, there's still room for bull notes that could propel AMD higher. In fact, 12 of the 46 brokerages in coverage still carry a "hold" rating, while the 12-month consensus target price of $287.76 is now a 16.8% discount to the stock's current levels.
Short-term options traders are bearish, indicating a shift in sentiment could also keep the wind at the equity's back. This is per AMDs Schaeffer's put/call open interest ratio (SOIR) that sits in the 95th percentile of readings from the past year.
Options bulls are out in full force today, with 311,000 calls and 219,000 puts traded so far, which is five times the intraday average amount. The most popular contract by far is the weekly 4/24 360-strike call, where positions are being opened. This indicates options traders expect more upside for INTC by the close, when these positions expire.
