Investors rewarded companies with strong artificial intelligence demand, enterprise infrastructure, and drug development.
- AMD hit a record $639 after Bank of America raised its price target to $720 from $620, citing strong AI demand.
- HPE hit a record $65.65, up 182% from February lows as demand for AI computing, high-performance computing and hybrid-cloud systems grew.
- Moderna hit a three-year high of $202.67 as investors focused on its broader mRNA pipeline beyond COVID-19 vaccines.
Advanced Micro Devices (AMD), Hewlett Packard Enterprise (HPE) and Moderna (MRNA) surged to fresh 52-week highs Friday as investors piled into AI infrastructure, enterprise computing and biotechnology growth stories. AMD benefited from a bullish Bank of America target hike, while HPE gained on demand for AI networking. Moderna drew renewed attention to its broader mRNA pipeline beyond COVID-19.
Advanced Micro Devices and Moderna stocks gained 0.2% and 2%, respectively, while Hewlett Packard stock pared gains and ended the session 0.9% lower.
AI Compute Demand Gains Steam
AMD stock climbed to a record high of $639 as Wall Street became more optimistic about the chipmaker’s opportunity in AI workloads. Bank of America raised its price target to $720 from $620 and kept its Buy rating, citing rising computing requirements as AI systems become more capable of performing tasks independently.
The firm expects the server CPU market to expand, estimating a rise from $61 billion in 2026 to $211 billion by 2030. The new price target implies a 14% upside to the stock’s last closing price. Also, last week, AMD’s market value rose above $1 trillion for the first time, driven by strong AI demand. AMD’s fiscal second-quarter (Q2) revenue rose 50% to $11.54 billion, while Data Center sales more than doubled to $6.7 billion.
On Stocktwits, retail sentiment around the stock slipped to ‘bullish’ from ‘extremely bullish’ territory the previous day.
HPE Rides Enterprise Infrastructure Demand
HPE stock also surged to a record high of $65.65 as investors continued to reassess the company’s growth prospects. The company’s shares have climbed 182% from February lows as businesses increase spending on AI computing systems, high-performance computing and hybrid-cloud technology.
HPE’s server, storage, and networking portfolio gives enterprises tools to build and manage complex computing environments. Earlier this month, Truist raised its price target on HPE to $70 from $69 and kept a ‘Buy’ rating after the company’s Q2 results showed strong growth in its Cloud and AI business, better profit margins and improved forecasts for fiscal 2026 and 2027. Retail sentiment around the stock remained ‘bearish’.
Moderna Broadens Its Story Beyond COVID-19
Moderna stock hit a three-year high of $202.67 as investors looked more closely at the company’s broader vaccine pipeline. CEO Stéphane Bancel, speaking at the Bernstein Insights Healthcare Forum, reiterated that the company sees itself as an mRNA technology platform rather than a business centered solely on COVID-19 vaccines.
According to a Wall Street Journal report, Bancel also said Moderna knew COVID-19 vaccine demand would eventually decline. After sales dropped, the company faced financial concerns, but it is now expanding into areas such as cancer vaccines. Retail sentiment around the stock remained ‘extremely bullish’.
So far this year, AMD, HPE and MRNA stocks have gained between 162% and 574%.
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