As artificial intelligence (AI) technology continues to revolutionize how we live and work, semiconductor industry leader Advanced Micro Devices (AMD) is designing a potential new breakout. AMD stock is closing in on a new buy point as fellow chip industry and AI powerhouses Intel (INTC) and Nvidia (NVDA) also near new highs. With AMD stock, Nvidia stock and Intel stock showing strength, the semiconductor industry group now ranks No. 11 out of the 197 groups IBD tracks. Cirrus Logic (CRUS) and Inphi (IPHI) are also among the best chip stocks to watch. AMD and Nvidia both sport the highest-possible 99 Composite Rating, while Intel earns a still-impressive 93.

AMD has traded at this level on only two other occasions before: Q2-Q3 of 2000 and Q4 2005 - Q1 2007. The rise in market capitalization in both occasions came with the release of a competitive CPU processor/architecture. AMD in 2016/2017 is beginning to look a lot like AMD's most successful periods in 2000 and 2006. I'd like to examine catalysts then and now to gain insight on where AMD may be headed. In June 1999 AMD debuted their K7 Athlon processor.

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Why Is AMD Stock on the Rise? Advanced Micro Devices, Inc. (NASDAQ:AMD) had quite the day Tuesday, with AMD stock rising by about nine percent after the company reportedly entered a licensing deal with fellow chip-maker, Intel Corporation (NASDAQ:INTC). AMD stock got a boost as, according to Investors Business Daily, the chip company is said to be licensing its popular "Radeon" graphics processing unit to be used in Intel's next generation of CPUs. This would be a big coup for AMD stock, as Intel is currently partnered with rival NVIDIA Corporation (NASDAQ:NVDA). That deal expires in March, which leaves room for AMD to potentially edge out its competitor.