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AMD Stock Rises on a Counterfeit Ryzen Rebuttal
Advanced Micro Devices AMD -0.01% ▼ stock was up on Thursday after the semiconductor company released a statement tied to counterfeit labels on CHUWI laptops. According to AMD, it wasn’t involved in the marketing or labeling of CHUWI laptops that erroneously claimed to have Ryzen 5 7430U CPUs but were actually equipped with Ryzen 5 5500U processors.
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AMD made clear that it had no knowledge of this issue. It also suggested that it might pursue legal action against CHUWI for misrepresenting its products. It’s worth noting that the mistake was more than just a simple labeling error. The affected laptops also had their system-level information altered to show them as devices equipped with Ryzen 5 7430U CPUs. This suggests the deception was intentional and not a mistake.
Here’s a portion of what AMD said in its statement about the CHUWI laptops: “AMD has always placed great importance on the authenticity and transparency of product information, and is committed to maintaining a fair and orderly market environment and protecting the legitimate rights and interests of users. Our company has taken this matter very seriously and reserves the right to pursue legal action against the relevant parties.”
AMD Stock Jumps Today
AMD stock was up 0.43% on Thursday but was still down 6.39% year-to-date. The stock has also rallied 86.17% over the past 12 months.
AMD trading activity today was low, with some 15 million shares traded, compared to a three-month average daily trading volume of about 38.13 million shares.
Is AMD Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for AMD is Moderate Buy, based on 21 Buy and eight Hold ratings over the past three months. With that comes an average AMD stock price target of $284.96, representing a potential 42.13% upside for the shares.
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