AMD reaches a $1 trillion market cap as chip stocks drive rally

AMD became the fourth US chipmaker to exceed a $1 trillion market cap, as key AMD customer Meta’s Muse AI assistant claimed the top spot among free downloads on Apple’s app store. AMD on Monday became the fourth US chipmaker to exceed a $1 trillion market cap, as traders piled into AI-related stocks. The semiconductor rally came as key AMD customer Meta’s Muse AI assistant claimed the top spot among free downloads on Apple’s app store; Meta’s stock surged more than 11%, with the Nasdaq notching its first record-high close since June. Semiconductor firms drove a broad advance as soaring AI-fueled demand for memory rippled across the globe: South Korea’s chip exports largely drove the country’s record early September exports, vindicating the Bank of Korea’s back-to-back interest rate hikes and bolstering the case for further tightening.