AMD's Stock Surges On Heavy Volume As GPU Product Demand Fuels Investor Optimism

Shares of Advanced Micro Devices Inc. jumped 8.1% in active afternoon trade Tuesday, adding to Monday's 3.1% surge, amid reports of a lack of supply of its graphic processing unit products ahead of the release of new offerings expected by the end of the month. Trading volume spiked to 88.2 million shares, above the full-day average of 68.8 million shares, and enough to make the stock the most actively traded on major U.S. exchanges. Separately, Apple Inc. said at its Worldwide Developers Conference on Monday that AMD's GPU technology will be used in its new iMac Pro. Meanwhile, for crytocurrency miners, RBC Capital analyst Mitch Steves said he favored Nvidia's GPU product to AMD's offering, because Nvidia's offering is faster and more energy efficient. AMD's stock has gained 7.2% year to date, while Nvidia shares have soared 39%, the PHLX Semiconductor Index has run up 23% and the S&P 500 has climbed 8.7%.