AMD heads to $679 as Bittensor rallies on agentic AI
AMD shares jumped 18.6% to a record $421 after Q1 results; CEO Lisa Su raised server CPU TAM growth to over 35% through 2030 and a $679 technical target emerged. Bittensor’s TAO also rallied.
Advanced Micro Devices shares rose 18.6% to $421 on May 7 after the company reported first-quarter results and updated server CPU guidance on its earnings call. The price move followed a revenue beat and a higher long-term market forecast from management.
AMD reported Q1 revenue of $10.25 billion, up 38% year over year. Data center revenue was $5.8 billion, a 57% increase from a year earlier. Adjusted earnings per share were $1.37, above consensus estimates.
On the earnings call, CEO Lisa Su raised the server CPU total addressable market growth rate to greater than 35% annually through 2030 and put the TAM at more than $120 billion by 2030, citing higher CPU compute requirements from agentic AI workloads.
On charts, AMD cleared a tight consolidation and gapped to $421, extending an earlier rally that ran roughly 89% from $192 to $363. A measured extension of the prior leg projects an approximate 89% gain and a technical target near $679. Immediate resistance points identified on the chart sit near $422 (the 0.5 Fibonacci) and $443 (the 0.618 Fibonacci). A sustained close above $443 would open the path toward $472 and a zone around $508. Institutional-flow indicators were positive, with Chaikin Money Flow trending higher. Analysts and traders identified downside references at roughly $402 and $377 for near-term profit-taking and noted deeper retracement risk if support near $337 breaks.
On the decentralized side of AI compute, Bittensor’s TAO token rallied in the same window. TAO recorded an earlier gain of about 160% between February and late March, followed by a near-40% leg that coincided with AMD’s breakout. Network metrics show roughly 7.28 million TAO staked, locking up about 67% of circulating supply, valued at roughly $2.2 billion at recent prices. Of the staked tokens, about 70% back root validators and about 30% support subnets running specific AI services.
On-chain activity included 24-hour subnet trading volume near 381,940 TAO, equivalent to approximately $117 million, and reported Q1 AI usage revenue of about $43 million. Subnet capacity on the network doubled from 128 to 256 slots in early May.
Institutional filings and infrastructure changes occurred in late April and early May. Asset managers filed for spot TAO exchange-traded products, and one manager increased its TAO allocation inside an AI-focused fund to 43.06%. The network also opened a canonical bridge to Solana.
Traders and investors will watch trading volume, institutional flows in AMD shares, and on-chain metrics such as staking and subnet usage to assess whether price levels and network activity hold in the coming days.
