AMD Hits Record as Chips Lead the Nasdaq
AMD gapped higher Monday and ran straight to an all-time high. Intel is up 13%. Arm is up 16%. Lam Research and Lumentum are both up more than 3%. The AI chip trade came back in one session and it came back across the entire group. This is not one stock on one headline. Buyers went after chips, memory, equipment, and networking at the same time.
At 18:54 GMT, the Nasdaq Composite is trading 27,051.38, up 528.84 points, or 1.99%. The session high is 27,064.13 and the low is 26,707.42.
Daily Nasdaq Composite Technical Analysis
The Nasdaq is trading above the 26,339.24 to 26,465.80 retracement zone after clearing the 50-day moving average at 26,086.97 last week. The index has crossed through swing tops at 26,644.57, 26,700.68, and 26,875.52.
The main trend is up on the daily swing chart. The all-time high at 27,190.21 is the next level. On the downside, the 26,339.24 to 26,465.80 zone is the first area to watch. The swing bottom at 25,802.96 is below. A trade through that level will change the main trend to down.
Daily AMD Technical Analysis
At 18:08 GMT, AMD is trading $609.16, up $49.34, or 8.81%. The session high is $615.99 and the low is $582.27. The stock gapped above the prior high and is trading at an all-time record. No overhead resistance.
The 50-day moving average at $496.87 and the 200-day at $365.59 sit well below the market. Support is Monday’s low at $582.27. The September 9 bottom at $440.50 is the major downside reference. A trade through $440.50 will change the main trend to down.
The Chip Trade Came Back With Depth
Intel surged 13%. AMD gapped 9%. Arm climbed 16%. Lam Research and Lumentum rose more than 3%. Micron and Nvidia added to the group. The VanEck Semiconductor ETF is up more than 3%. Buyers went after chips, memory, equipment, and networking in the same session. That kind of breadth across the semiconductor space has not shown up in weeks.
Ciena is higher after an Evercore ISI upgrade focused on demand for optical networking capacity. The AI buildout is pulling money beyond processors and into the equipment that moves the data. That gives the session a second layer and makes Monday harder to dismiss as a one-stock event.
Meta is extending a recent run of gains. The Roundhill Magnificent Seven ETF posted its second straight intraday all-time high. Falling oil prices and lower Treasury yields removed the pressure that hurt technology stocks last week. That created the opening. The AI spending story filled it.
Greenland Is a Different Trade on the Same Day
Critical Metals is up nearly 40% after President Trump said the United States reached a security arrangement with Denmark and will establish a large military presence in Greenland. Greenland Mines and Greenland Energy have more than doubled.
Critical Metals is connected to the Tanbreez rare-earth project. Greenland Mines has exposure to palladium, gold, and platinum. The float on these names is small and the moves reflect it. A policy headline doubled them by midday. The next headline can take half of it back just as fast. The Greenland trade is running on geopolitics and strategic minerals. It arrived on the same risk-on session but it is not carrying the same story as the chip names.
Energy Went the Other Direction
The Energy Select Sector SPDR fell about 2% Monday. ConocoPhillips, Exxon Mobil, and Occidental Petroleum are all lower as crude oil slides. The rotation was clean. Money came out of energy and went into technology. Monday is a risk-on day and energy is not part of it.
What to Watch
The all-time high at 27,190.21 is the next test for the Nasdaq. The index is pressing toward it after clearing a string of swing tops Monday. The 26,339.24 to 26,465.80 retracement zone is the first support on a pullback. Buyers own the chart as long as that zone holds. Below it, the swing bottom at 25,802.96 is where the trend changes.
AMD has no overhead resistance after the gap to a record. Monday’s low at $582.27 is the first level sellers have to take. The 50-day at $496.87 is well below. The gap is the trade now. Either the record holds and AMD stays above Monday’s range or the gap fills and the vertical move starts looking like exhaustion.
The semiconductor group showed depth on Monday. If that breadth holds through the week, the Nasdaq has a path to the record. If the bid narrows back to two or three names, the rally is a squeeze. A reversal in yields or a firmer dollar would test whether the money moving back into growth has conviction behind it or is short covering that runs out after one session.
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