Advanced Micro Devices, Inc. (AMD), the only worthwhile competitor to Intel Inc. in semiconductors, continued its winning run on Wall Street, its stock ending at its highest in more than 13 years Tuesday.

AMD closed 3.5% higher at $41.29 -- its highest since March 2, 2006 -- after opening at $40.14. The stock improved to $41.41 in after hours trading. AMD's winning streak is its ninth straight, gaining 15% over this time span.

AMD was the best performing and most active at the S&P 500 on Tuesday. It remains the largest gainer on the S&P, with a year-to-date improvement of 124% against the S&P's 24% return. Despite the impressive gains Tuesday, AMD's stock remains way short of its record high of $47.28 attained in June 2000.

Analysts said AMD's continuing climb Tuesday was triggered by the launch of its new 7 nanometer graphics card for 3D designers, architects and engineers. The card is among the first 7 nm AMD products expected to launch in the next six months across all AMD markets.

“We anticipate these products will drive above-consensus growth, share gains, margin expansion and AMD share appreciation,” said analysts at investment bank and financial services firm Cowen Inc.

Cowen analysts this week said that while a lot of work will be needed to successfully launch these products, "we believe AMD’s 2019/20 product road maps are much improved and on track to drive share gain, growth and margin expansion for the next several quarters."

Cowen admitted AMD's stock trajectory might be “lumpy,” but investors should recall that “hyperscale customers and enterprise PC vendors do not purchase critical components without heavy behind-the-scenes engagements."

Earlier this week, Cowen analyst Matthew Ramsay boosted his price target and reaffirmed his Outperform rating for AMD shares. He based his optimism after meeting with AMD’s CEO Lisa Su.

AMD is reportedly getting ready for a major assault of the graphics GPU front. The company will finally add the much-awaited integer scaling feature in the upcoming AMD Adrenalin driver update in December. Shanze1 [CC BY-SA 4.0]