Advanced Micro Devices (AMD) stock dipped on Monday despite an update to the company’s open-source generative AI app GAIA. GAIA, which stands for Generative AI Is Awesome, is an app from the company that allows users to create AI programs with the help of a chatbot. This software is designed to work on Ryzen processors, opening it up to users who don’t have AMD’s strongest AI chips.
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AMD updated GAIA to version 0.17.2, and with it came the ability to generate AI agents. Users are able to create these AI agents by speaking with the GAIA chatbot. In addition to that, the update allows these agents to be turned into desktop apps for multiple operating systems. GAIA also provides users with the Python code for these agents.
While AMD’s GAIA doesn’t directly generate revenue due to being open source, it does spread awareness of its AI platform and help generate interest in it. This could help the company sell more of its components, such as CPUs and GPUs, and see more people rely on its technology.
AMD Stock Movement Today
AMD stock was down slightly on Monday but was still up 13.71% year-to-date. The stock has also gained 159.3% over the past 12 months.
AMD stock trading activity today was muted at some 7 million shares, compared to a three-month average daily trading volume of about 32.77 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 20 Buy and eight Hold ratings over the past three months. With that comes an average AMD stock price target of $284.42, representing a potential 16.18% upside for the shares.
