While other semiconductor companies were struggling, AMD stocks continued to surge in May; a price movement likely fueled by the bitcoin bull market.
Advanced Micro’s stocks are booming, gaining as much as 99 percent in the last 12 months. AMD continued its surge even in May when other semi stocks had crashed.
Bitcoin started its uptrend in April, skyrocketing from $4,100 to $8,700 and gaining 112 percent in two months. With bitcoin, the prices of other digital assets have increased, including ether that nearly doubled its price from $141 to $270 in the same period.
Before the current bull market, miners had struggled to gain profits from bitcoin mining. According to economist and global market analyst Alex Krüger, miners need bitcoin’s price to be around $3,550 for breakeven costs.