Can AMD Stock Hit $600? The Bull Case and the Risks to Watch

AMD stock has climbed 40% from its November 5 low in the same week Nvidia lost its founder and CEO. Jensen Huang resigned on Thursday as Nvidia shares slid more than 18% from their recent peak.

AMD now trades about 15% below its all-time high, with $600 as the next big test. Three developments explain the move and what could come next.

1. Nvidia Just Lost the Face of the AI Boom

On November 8, Nvidia’s board opened a probe into Huang’s relationship with an alleged Chinese operative. A second affair report followed three days later.

On Thursday, Huang resigned from Nvidia after 33 years. CFO Colette Kress is now interim CEO while the board searches for a permanent replacement.

Investors have moved fast. Nvidia fell from $196.25 to about $160 on Thursday, an 18% drop. Roughly 7% of that came after the resignation reports.

AMD, the most direct alternative to Nvidia’s GPUs, has taken the other side of that trade.

2. Nvidia’s CUDA Moat Is Showing Cracks

CUDA (Compute Unified Device Architecture) is Nvidia’s proprietary software platform. For years, it has made moving AI workloads to rival chips slow and costly.

Investor Marcelo P. Lima argues that barrier just broke.

“The Nvidia CUDA moat is gone. Anthropic sees all compute as fungible and it only took Mythos 3 days to figure out how to run itself on AMD hardware,” Marcelo P. Lima, posted on X

The chart attached to his post describes a narrower result. Claude Mythos Preview, Anthropic’s restricted-access frontier model, took about three days to bring up prompt processing for one Anthropic model on AMD MI355X GPUs.

Using traditional engineering, the same work historically took six to 12 months.

That is one workload, not a full migration. Still, if porting times keep shrinking, the switching costs that protected Nvidia’s pricing power could weaken.

3. The AMD Stock Chart Has Turned Bullish

Fibonacci retracement levels mark likely support and resistance zones using ratios of a prior price move. On AMD’s chart, they are drawn from the October 6 high to the November 5 low.

AMD has already reclaimed the 0.618 level at $545, which now acts as support. The stock is trading around $562 at the time of writing.

The next hurdle is the 0.786 level at $592. It sits just below the $600 psychological mark, which also matches Oppenheimer’s price target.

A clean break above that zone would put the October record of $658 back in play.

On the downside, the 0.5 level at $514 is the line to watch. A close below it would invalidate the bullish setup.

What Could Stall the AMD Stock Rally?

The rally still faces four real tests.

• Nvidia earnings on November 17. A strong first report under Kress could pull money back toward the market leader.
• A credible permanent CEO. Nvidia’s board is weighing internal and external candidates, and a strong pick could slow the rotation.
• Valuation. A Motley Fool analysis argued that AMD stock remains expensive. Even if AMD hits its 2027 growth targets, its valuation would still sit above where Nvidia trades today.
• A break below $514. A close under the 0.5 Fibonacci level would invalidate the bullish setup.

Huang’s exit took the face of the AI boom away from Nvidia. For AMD, the rest of November depends less on the scandal and more on whether $600 breaks.