AMD & Qualcomm (QCOM) Stocks Slip Despite Reported SOCAMM2 AI Plans

Advanced Micro Devices (AMD) stock was down on Thursday despite reports that the company would adopt SOCAMM2 memory for its line of artificial intelligence (AI)-focused products. According to the report from TechPowerUp, SOCAMM2 would enhance the performance of AI components, allowing the chipmaker to better compete against other rivals in the space, such as Nvidia (NVDA).

The rumor also notes that it isn’t just AMD that may be considering adding SOCAMM2 memory to its AI product line. Semiconductor company Qualcomm (QCOM) is also among the reported companies that have weighed adding the technology to its AI offerings. It’s also worth noting that Nvidia has already implemented this technology in its AI offerings with its Vera CPU.

Considering Nvidia’s domination of the AI hardware space, it makes sense that AMD and Qualcomm would follow its move to add SOCAMM2 memory to their AI products.

AMD & QCOM Stock Movements Today

AMD stock was down 2.03% on Thursday but was still up 15.57% year-to-date. The stock has also rallied 112.64% over the past 12 months. Some 7.7 million shares of AMD have changed hands today, compared to a three-month daily average trading volume of about 30 million units.

Qualcomm stock was down 0.96% on Thursday and has fallen 11.61% year-to-date. The stock has also dropped 11.18% over the past 12 months. Roughly 1.3 million shares of QCOM stock have been traded today, compared to a three-month daily average trading volume of around 7.6 million shares.

AMD vs. QCOM: Which Stock Do Analysts Prefer?

Turning to the TipRanks’ stock comparison tool, traders can see which of these two stocks analysts prefer. AMD stock has the better analysts’ consensus rating at Strong Buy, compared to a Moderate Buy rating for QCOM. However, Qualcomm stock has the higher upside potential at 27.91%, compared to a possible 15.55% upside for AMD shares.

See more AMD and QCOM stock comparisons