Shares of Advanced Micro Devices Inc. AMD, +2.94% and Nvidia Corp. NVDA, +4.25% are up 2.9% and 2.3%, respectively, in premarket trading Wednesday, after Mizuho analyst Vijay Rakesh wrote of a rebound in GPU prices. "We believe, with GPU pricing starting to turn up 10% to 15% from the September lows and for the first time in eight months, it should be positive for Nvidia and AMD, pointing to a faster normalizing of channel inventories and demand elasticity," he said. "We believe the upside pricing inflection should be a preliminary positive read on channel inventories and demand." Nvidia shares have come under pressure recently after management warned of a "crypto hangover" in conjunction with the company's latest earnings report. Shares of Nvidia have dropped 44% over the past three months, while shares of AMD are off 16%. The S&P 500 SPX, +1.59% has lost 7.4% over a three-month period.