Today, Advanced Micro Devices (AMD) stock rose 4% to over $32, making it one of the top Nasdaq gainers. Joining AMD were Micron and NVIDIA, which rose 3.9% and 2.8%.

Several positive factors played out for AMD stock today:

The Morgan Stanley analyst upgrade.

Positive signs for US–China trade talks.

A prolonged Intel supply shortage.

All three factors revived investor confidence in the stock ahead of the third-quarter AMD earnings, due on October 29. AMD stock rose 12.8% between October 10 and 21.