NVIDIA Corp (NASDAQ:NVDA) and Advanced Micro Devices Inc (NASDAQ:AMD) shares got a boost late Wednesday as aggressive AI plans were unveiled at an AI summit event. Here’s a look at what you need to know.
What Happened: President Donald Trump signed three executive orders late Wednesday outlining an action plan designed to accelerate AI development and position the U.S. at the forefront of the AI race, per Reuters.
At an AI summit event, Trump signed three executive orders that aim to limit AI regulations and boost innovation, accelerate development of AI infrastructure and promote U.S. AI technology adoption.
Nvidia CEO Jensen Huang applauded Trump’s AI action plans late Wednesday and said the leadership approach from the White House gives the U.S. an advantage in the AI race.
AMD CEO Lisa Su said at the AI summit on Wednesday that AI chip demand could rise above $500 billion over the coming years, fueled by surging infrastructure demand from hyperscalers and AI companies like OpenAI and xAI.
Trump reportedly recognized both Huang and Su as key leaders helping the U.S. establish a leadership position in AI development. Shares of Nvidia and AMD climbed more than 1% in Wednesday’s after-hours session as Trump was speaking at the event.
The pair of chipmaker stocks also appeared to get a boost after Alphabet increased its capital expenditures outlook for 2025 to approximately $85 billion due to "strong and growing demand" for cloud products and services.
Trump is expected to announce additional actions in the coming weeks that will help AI leaders secure the electricity needed to power the data centers that will drive the AI expansion.
Price Action: Nvidia shares were up 0.93% at $172.35 and AMD shares were up 0.71% at $159.77 at the time of publication Thursday, according to Benzinga Pro.
Nvidia’s current share price is near the upper end of its 52-week range of $86.62 – $174.25, indicating strong upward momentum. The stock is trading well above its 50-day moving average of $148.47, suggesting a bullish trend. Key resistance may be encountered around the 52-week high, while support could be found near the 50-day moving average.
AMD is currently trading well above its 50-day moving average of $129.59, indicating strong bullish momentum. Key support levels can be observed around the 200-day moving average at $123.17, while resistance is noted near the 52-week high of $174.05.
Compared to sector peers, AMD’s P/E ratio of 115.8 is significantly higher than Nvidia’s 55.09, indicating a more aggressive growth outlook priced into AMD’s stock.
Read Next:
- Lisa Su Says AI Chip Demand Could Top $500 Billion In Just A Few Years — Says US Must Rapidly Scale Manufacturing To Keep Up With Elon Musk, Sam Altman
- Nvidia AI Chips Worth $1 Billion Flood China’s Black Market After Trump’s Export Curbs: ‘It’s Like A Seafood Market’
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