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AMD stock chart with Bullish Engulfing candlestick

AMD Unveils World’s First 7nm GPUs and Amazon Partnership

It was a big day for AMD as the company unveiled the world’s first 7nm datacenter GPUs, powering the next era of Artificial Intelligence, Cloud Computing and High Performance Computing (HPC).

Amazon and AMD also announced new AWS EC2 instances featuring AMD EPYC processors.

“The availability of multiple AMD Epyc processor-powered instances on Amazon EC2 instances marks a significant milestone in the growing adoption of our high-performance CPUs with cloud service providers,” Forrest Norrod, AMD’s general manager for datacenter and embedded solutions, said in a statement.

Amazon said using Epyc chips are 10% less expensive than current chips they are using.

AMD Stock

AMD stock chart with Bullish Engulfing candlestick

Like most stocks, it is too early to buy AMD stock. In fact, it’s too early to go long the S&P 500 or Nasdaq right now. Bears still have the upper hand with a slight advantage over Bulls. The +DI line on the ADX has not crossed above the -DI line. Also, the MACD has not yet gone positive. However, a Bullish Engulfing candlestick pattern formed today on the chart (white box on chart above) but the long upper shadow dampens the enthusiasm of the pattern.

I think AMD is worth putting on your watch list for a possible long entry.

Disclosure: I do not hold any position in AMD stock.

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