Why Advanced Micro Devices Rallied Today

Shares of Advanced Micro Devices (NASDAQ: AMD) were rallying on Monday, up 4.3% as of 2:09 p.m. EDT. There wasn't too much company-specific news on AMD, although Bank of America analyst Vivek Arya did reiterate his buy rating on the chipmaker and several other cloud-related semiconductor stocks. Today, the beaten-down semiconductor sector was rising across the board, as investors seem to be buying the very big dip in chipmakers and other technology names that have seen significant declines year to date.