onday brought yet another record close for the Nasdaq Composite(NASDAQINDEX:^COMP), making it seven days out of the last eight that investors have seen the index reach new heights. Even as the broader market was flat to down, the Nasdaq gained almost a full percent to start out the week.
The future is approaching so quickly.
— NVIDIA GeForce ’19 (@NVIDIAGeForce) August 31, 2020
Investors have paid a lot of attention to Apple (NASDAQ:AAPL) and Tesla (NASDAQ:TSLA) recently, because their stock-split announcements have gotten short-term traders interested in the two rising stars. Both of those stocks climbed yet again on Monday, but they weren’t the only contributors to the Nasdaq’s record run. In addition, Advanced Micro Devices (NASDAQ:AMD) and Zoom Video Communications (NASDAQ:ZM) posted strong gains and arguably have further to climb than either Tesla or Apple in their respective futures.
Advanced Micro Devices’ stock was up more than 6% late in the trading session on Monday. Investors continued to push the chipmaker’s shares to record heights on newfound strength and competitive advantages over some of its biggest rivals.
It’s hard to believe that it was less than five years ago that AMD was a $2 stock. The semiconductor company had fought a long battle with Intel (NASDAQ: INTC) in the PC processor market and with NVIDIA (NASDAQ: NVDA) in graphics chips, and AMD had struggled to gain traction in either of its key markets.
However, that all started to change recently. As Intel has had problems upgrading to 7-nanometer chip architecture, AMD has jumped ahead of its longtime arch rival. Moreover, new integrated graphics chips are giving NVIDIA a run for its money.