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Key Points
- The AI trade is attempting to regain its footing after a volatile stretch, with strength beginning to broaden beyond NVIDIA.
- A strong post-Fed rebound in semiconductor stocks could offer an early signal that investors are rotating back toward AI infrastructure and chip names.
- Advanced Micro Devices and Intel have emerged near the front of that move, but both now face the question of whether momentum can extend after major 2026 rallies.
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The Federal Reserve delivered its interest rate decision on Wednesday, Sept. 16, and the market's response in the following session was telling. As stocks pushed higher on Thursday, Sept. 17, all but confirming a post-FOMC bear trap, two AI-related names in particular broke out with real force. They also share a common thread that goes beyond the chart. Both Advanced Micro Devices (NASDAQ: AMD) and Intel (NASDAQ: INTC) are central players in the AI trade, the same trade that wobbled in recent weeks on fresh fears of an AI slowdown. However, these two now look like early leaders as that narrative and the broader technology sector work to regain their footing.
After a stretch of doubt that knocked the wind out of AI-linked names, capital appears to be flowing back in. And it is not simply piling back into NVIDIA (NASDAQ: NVDA). The fact that AMD and Intel have so far led the charge in heavy volume suggests the AI trade may be broadening as it recovers, with investors starting to reward names beyond the obvious winners.
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AMD: Momentum Builds Behind the No. 2 AI Chip Story
Advanced Micro Devices jumped more than 6% on Thursday to close at $545.09, leading the broader chip sector higher and climbing back toward its 52-week high. It has been a spectacular year for the stock, now up more than 154% in 2026, as the market increasingly treats AMD as the most credible challenger to NVIDIA in AI accelerators.
The bull case rests on the company's Instinct line of AI chips, which continue to win data-center business, and on projected earnings growth of a remarkable 111% in the year ahead. That trajectory is why investors have been willing to pay up. AMD currently appears on MarketBeat's most-upgraded stocks list, reflecting a steady run of positive analyst revisions.
Overall, the stock holds a consensus Moderate Buy rating across 47 analysts. The main drawback is that after such an enormous rally, the stock now trades close to its average price target of $565.13, leaving only modest upside based on the Street's current numbers. But price action is king, and AMD is a momentum and growth story right now, and Thursday's move suggests that momentum is firmly intact.
Intel: A Long-Doubted Turnaround Gains Momentum
Intel Corporation was the bigger mover of the two, surging nearly 8% on Thursday to $108.80, and its run this year has been even more dramatic, up almost 195%. That is a stunning reversal for a company many investors had written off in prior years, and it reflects how much sentiment around its long-troubled turnaround has shifted.
The recent catalysts have been stacking up for the company, too. INTC reportedly raised enterprise CPU prices by 10% amid tight server chip supply, confirmed a major manufacturing milestone with ASML (NASDAQ: AMSL) involving next-generation High-NA EUV technology, and drew a fresh analyst upgrade this week. Notably, insiders have been buying shares, a vote of confidence that stands out against the selling common at many peers.
That said, investors should keep the risks of chasing in full view. The stock’s consensus rating sits at Hold rather than Buy, and the average price target is essentially level with the current price. In the immediate term, however, there’s no denying Thursday's outperformance. That breakout and the momentum are real, and like AMD, it’s notable and a potential sign of where the next phase of leadership and capital rotation could be.
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What the Breakouts Say About the AI Trade
AMD and Intel are two of the most important names in the AI-chip space outside of NVIDIA, and their breakouts just as the AI trade steadies suggest that the recent slowdown scare may be giving way to renewed appetite across the sector. Both moved on heavy volume, outperformed the broader market and sector on Thursday, and are riding a wave of optimism about their role in the next phase of the AI buildout.
But whether this proves to be long-term sector leadership or simply a strong post-FOMC bounce will take time to confirm. When a wobbling trade regains its footing, and the leadership broadens beyond the single obvious name, it often means that the theme might have more room to run. For now, AMD and Intel have put themselves back in the spotlight, and how they follow through from here will say a lot about the AI trade's next chapter.
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