Why Advanced Micro Devices Stock Gained 16% in January

Shares of Advanced Micro Devices (NASDAQ: AMD) made gains last month after the chipmaker benefited from a rise in tech stocks, a weak report from rival Intel, and anticipation for its own fourth-quarter earnings report, which came out after market hours on Jan. 31. According to data from S&P Global Market Intelligence, AMD stock rose 16% in January. The Nasdaq gained nearly 11% last month, pushing stocks higher broadly as investors reacted to signs that inflation was cooling off and that the Federal Reserve would continue to slow down its interest rate hikes.