Jun 27, 2019

AMD benefits from Bitcoin's renewed rise

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Data: FactSet; Chart: Axios Visuals

Everything is going right so far this year for Advanced Micro Devices. The company's stock price rose more than 3% on Wednesday, continuing to shake off trade war fears and pushing back towards a 13-year high touched in June.

The state of play: AMD is benefiting from renewed interest in Bitcoin, which has soared to nearly $13,000 per coin. The company doubled down in November when cryptocurrencies were left for dead, launching a spate of new Bitcoin and blockchain tools.

  • The company is also winning on gaming, selected by Microsoft as the chipmaker for its next-generation Xbox console, to be released during the 2020 holiday season. Sony is also expected to use AMD chips in its next PlayStation.

What they're saying: Analysts at Morgan Stanley, long-time bears on the company, said earlier this month they had made the "wrong call" on the stock and raised their price target to $28 a share.

  • Nomura analysts expect "new processor families scheduled for launch by Intel and AMD in 2H19 and 1H20 offer significantly larger steps up in technology and design than products released by the companies in 2018."

Go deeper: Bitcoin is losing its Wall Street buy-in

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 12:30 p.m. ET: 5,626,047 — Total deaths: 351,815 — Total recoveries — 2,314,233Map.
  2. U.S.: Total confirmed cases as of 12:30 p.m. ET: 1,684,173 — Total deaths: 99,123 — Total recoveries: 384,902 — Total tested: 14,907,041Map.
  3. Public health: Fauci says data is "really quite evident" against hydroxychloroquine — Nearly half of Americans say someone in their household has delayed medical care.
  4. Tech: Zipline drones deliver masks to hospitals; vaccines could be next
  5. Business: Boeing to lay off 6,770 more U.S. employees.
  6. 🎧 Podcast: Trump vs. Twitter ... vs. Trump.
  7. What should I do? When you can be around others after contracting the coronavirus — Traveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Updated 6 mins ago - Politics & Policy

Live updates: SpaceX to launch historic crewed mission for NASA

The Falcon 9 rocket with a Crew Dragon atop. Photo: SpaceX

SpaceX will attempt to launch NASA astronauts Doug Hurley and Bob Behnken to the International Space Station today.

Why it matters: If all goes well, this launch — expected to happen at 4:33 p.m. ET — will mark the first time a private company has successfully launched people to orbit and the first crewed, orbital rocket launch from the U.S. in 9 years.

Follow along below for live coverage...

Pompeo tells Congress Hong Kong is no longer autonomous from China

Photo: Nicholas Kamm/Pool/AFP via Getty Images

Secretary of State Mike Pompeo said in a statement Wednesday that he has certified to Congress that Hong Kong is no longer autonomous from China and does not warrant special treatment under U.S. law.

Why it matters: Revoking Hong Kong's special status would hasten its economic and financial decline, already set in motion by China's growing political grip on the city. The preferential status that the U.S. has long granted Hong Kong has made the city a top U.S. trading partner.

Go deeper (1 min. read)ArrowUpdated 36 mins ago - World