In the latest developments from the tech sector, shares of Advanced Micro Devices, Inc. (AMD) jumped significantly following a positive upgrade from HSBC analysts, who emphasized the company's impressive advancements in artificial intelligence (AI) chip technology. In a note released on Thursday, the analysts upgraded AMD's rating from a "hold" to a "buy" and doubled their price target from $100 to $200. This decision came as they observed that AMD's latest AI chips are performing comparably to those developed by Nvidia Corporation (NVDA), the leading player in the GPU market.

AMD's Instinct MI350 Series GPUs, launched just last month, boast claims of delivering up to four times the computational power of their predecessors. The analysts expressed surprise at the performance enhancements, stating that the MI350 series could effectively compete with Nvidia's cutting-edge Blackwell GPUs. Their note indicated that, due to these performance upgrades, the pricing power for AMD's products is now substantially higher than initially anticipated, potentially driving earnings growth in the years 2025 and 2026.

Further commentary from HSBC, led by analyst Frank Lee, suggested that there could be additional upside for AMD's stock as they plan to launch the MI400 series next year. This upcoming series is expected to rival Nvidia’s Vera Rubin platform, which is slated for release in the second half of 2026. The MI400 was recently unveiled at an event featuring AMD CEO Lisa Su alongside Sam Altman, CEO of OpenAI, which has committed to using AMD's next-generation chips.

In a separate yet equally significant corporate development, shares of WK Kellogg Company (KLG) surged by 30% after the announcement that the cereal giant has agreed to be acquired by the Italian confectionery powerhouse, Ferrero Group. This acquisition deal, valued at approximately $3.1 billion, will see Kellogg’s shares being purchased at $23 per share in cash. The news of the impending acquisition initially sparked a jump in share prices the previous evening, following reports from The Wall Street Journal that a deal was imminent. The shares reached a trading level of $22.85, a point not seen in over a year. This surge comes amidst a challenging market for cereal sales, impacted by changing consumer preferences and inflationary pressures.

WK Kellogg’s CEO Gary Pilnick expressed optimism about the acquisition, stating that it would provide the company with the necessary resources and flexibility to enhance its brand presence in a competitive marketplace. Upon completion of this transaction, expected to finalize in the second half of 2025, WK Kellogg will become a privately held subsidiary of Ferrero, which operates a diverse portfolio including Nutella and Tic Tac.

Meanwhile, in the automotive sector, Tesla, Inc. (TSLA), commanded attention as CEO Elon Musk hinted at the likely expansion of its robotaxi service within the upcoming weeks. Additionally, Tesla vehicles are set to integrate Grok, a chatbot developed by Musk's xAI, likely by next week. Musk’s posts on social media indicated that the operational area for robotaxis, which launched last month, would expand beyond the Austin region and that regulatory approval for further expansion into California's Bay Area is anticipated within two months.

This robotaxi rollout has been relatively smooth, although minor issues have been reported, such as vehicles stopping unexpectedly at intersections. The introduction of Grok comes at a crucial time for the chatbot, which has faced scrutiny over its controversial comments made earlier this week.

In a significant boost for the rare earths sector, shares of MP Materials (MP) surged over 50% after announcing a landmark agreement with the Department of Defense (DoD). The DoD is set to become a major stakeholder in MP Materials, acquiring a 15% ownership through a $400 million investment in preferred stock. This deal aims to bolster domestic production of rare earth materials critical for various technologies, an initiative highlighted as a national security priority.

Delta Air Lines (DAL) also made headlines as it emerged as the top performer in the S&P 500 following a strong earnings report. Delta's adjusted earnings per share reached $2.10, exceeding analyst expectations, as the airline reinstated its full-year outlook, reflecting confidence in future performance despite the challenges the airline industry continues to face.

Finally, Microsoft Corporation (MSFT) reached a new milestone, with shares closing at around $503, pushing its market capitalization closer to the coveted $4 trillion mark. Investment banks are expressing bullish sentiments regarding Microsoft's growth, particularly due to its ventures into AI, reinforcing its position within the tech landscape.