AMD Stock Just Hit a New All-Time High. Options Data Tells Us It Could Be Headed Here Next.

Advanced Micro Devices (AMD) shares extended gains to print an all-time high of about $253 on Friday as investors continued to flock into the chipmaker ahead of its earnings on Nov. 4.

Analysts currently expect the semiconductor behemoth to earn $0.97 on a per-share basis in its fiscal Q3, up sharply from $0.76 in the same quarter last year.

At the time of writing, AMD stock is up well over 200% versus its year-to-date low in early April.

The recent surge in AMD shares is primarily attributed to two transformative artificial intelligence (AI) partnerships.

1. A groundbreaking deal with OpenAI for 6 gigawatts of computing capacity.

2. A strategic agreement with Oracle Cloud for deployment of about 50,000 next-gen MI450 Instinct GPUs starting in the third quarter of 2026.

Investors generally responded positively to the company’s revenue-sharing agreement with the U.S. government in August as well, since it essentially cleared the path for it to resume business in one of its key markets, China.

AMD’s fundamental performance strongly supports the rally, with Q2 revenue hitting $7.69 billion, up 32% year-over-year, with expectations for the third-quarter revenue to come in at a much higher $8.7 billion.

Barchart’s options data for AMD stock also support the upside case. Contracts expiring mid-January 2026 currently have the upper bound pegged at about $298.

In the near term, the implied trading range through the end of October is roughly $237 to $265, indicating potential for another 5.63% return by next Friday.

In short, the combination of strategic AI partnerships, strong financial performance, and expanding market share suggests AMD shares are well-positioned for continued growth.

Meanwhile, on a price-sales (P/S) basis, they’re trading at a steep discount to Nvidia (NVDA) as well.

Wall Street analysts continue to see significant further room for AMD shares to the upside.

The consensus rating on AMD stock remains at “Strong Buy” with price targets going as high as $310, indicating potential for another 24% gains from here.