AMD hits $1 trillion market cap as stock continues 5-day rally

Advanced Micro Devices stock surged 9% on Monday, pushing shares to a record high and topping a $1 trillion market cap benchmark for the first time. The chip giant's shares hit an intraday high of $613.92, which boosted the company's value just above $1 trillion. AMD is riding a five-day winning streak, during which shares have gained about 24%. The recent rally has been a welcome sight for investors, who saw the stock fall last month after the company reported second-quarter earnings that beat expectations. The company reported revenue of $11.54 billion during Q2, up 50% from $7.69 billion a year ago, and its artificial intelligence chips were at the heart of that growth. AMD's Data Center unit reported sales of $6.