AMD Stock: Can Google and r/WallStreetBets Squeeze AMD Higher?

Tech is back on the menu today, thanks to a new partnership between Alphabet’s (NASDAQ:GOOG, NASDAQ:GOOGL) Google and Advanced Micro Devices (NASDAQ:AMD). The companies are coming together to work on Google’s newest cloud computing service. Reddit investors are perking up at the announcement as well. The retail bulls are taking a break from their short squeezing to uplift AMD as a worthy, long-term tech investment.

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Google is evolving its Google Cloud services. Today, the company is unveiling the T2D instance for its new Tau Virtual Machine, a product promising 56% higher relative performance from other cloud-computing services. The Virtual Machines will be powered by AMD’s new third-generation EPYC processors. The company is developing the processors with the purpose of offering a low-cost, high-performance product for cloud computing. The company is locking down a reliable sales partnership with Google on this project.

The move comes as a huge win for AMD, which is embroiled in a power struggle with Intel (NASDAQ:INTC) over domination in the processor industry. Namely, the partnership does a lot to bolster AMD’s market share, building off of existing relationships the company has with Snap (NYSE:SNAP) and Twitter (NYSE:TWTR).

Reddit Warms Up to AMD Stock Amid Google Partnership

The news today is bulking up bullish sentiment on r/WallStreetBets regarding AMD. Mentions of the company are increasing 278% today on the message board.

As one user posts in their deep-dive into AMD, the company has a lot to be optimistic over. Its Q1 earnings saw a 93% year-over-year increase. Likewise, there are a slew of upcoming products which contain AMD tech, like game-developer Valve’s handheld console. Tesla’s (NASDAQ:TSLA) new Model X and S both have AMD processors too.

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As a result of AMD’s stellar news and star-studded roadmap for the next few months, AMD stock is on the move upward. Trading volume today is at nearly 66 million, against the daily average of 42 million shares. AMD stock is up nearly 6%, with shares trading at $84.73.

On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

View more information: https://investorplace.com/2021/06/amd-stock-can-google-and-r-wallstreetbets-squeeze-amd-higher/

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