Stock Market Live November 12: S&P 500 (SPY) Soaring on Tech Stock Bounce

S&P 500 futures are on the run as Advanced Micro Devices (NASDAQ: AMD) leads the tech pivot higher. Last checked, the S&P 500 is up about 24 points. The SPDR S&P 500 ETF (SPY) is up about $2.35. Dow futures are up 105, with the tech-heavy Nasdaq up about 152.

Again, that’s thanks to AMD, which is up about $14, or 6% in premarket.

All after CEO Lisa Su said AMD could achieve “double-digit” share of the data center AI market over the next three to five years. Right now, that market is dominated by Nvidia, which holds about 90% of that market.

Fueling momentum, Wells Fargo just hiked its AMD price target to $345 with an overweight rating. That’s thanks to AMD gaining market share and the CEO’s prediction for compound annual revenue growth of about 35%, as well as insatiable demand for AI chips.

In addition, she said AMD’s data center business is expected to grow at around 80% per year, and is on track to hit billions of dollars of sales by 2027. By 2030, AMD expects AMD data center revenue to hit $1 trillion per year.

Nvidia is also on the run 

After pulling back, Nvidia (NASDAQ: NVDA) is regaining momentum ahead of earnings.

This morning, TD Cowen reiterated its buy rating on the tech giant on the likely strength of the Blackwell Ultra uplift. Plus, Citi reiterated a buy rating on the stock, with a price target of $220 from $210. The firm expects NVDA to post sales of $56.8 billion, as compared to analyst expectations for $54.6 billion.

Analysts at Bank of America just reiterated a buy rating on Nvidia. The firm says NVDA is well-positioned for healthcare and artificial intelligence. “Nvidia, a leader in accelerated computing, has broadened its reach into high-compute healthcare workloads and continues to engage in partnerships on the application side,” they said, as quoted by CNBC.

Oversold Shares of AT&T Ready to Bounce 

After plummeting from about $29.50 to $24, where it appears to have found strong support, AT&T (NYSE: T) is slowly pivoting higher. Last trading at $25.18, we’d like to see the stock race back to $27 per share initially.

Analysts at KeyBanc Capital Markets just upgraded AT&T to an overweight rating with a price target of $30. The firm said the telecom giant looks even more attractive after the drop, especially with the stock’s solid capital return.

“We think the recent pullback was driven by competitive-related concerns in Wireless and are overblown,” they said, as quoted by CNBC. “We argue that with AT&T’s strategic positioning, growth outlook, and capital return, a historical average multiple is warranted.”