Advanced Micro Devices stock jumped 8.4% in morning trading on Monday to reach $607.07, touching a new 52-week high of $609.75. The move came as AI semiconductor stocks led a broad market rally ahead of the Trump-Xi summit scheduled for September 24 in Washington.

The PHLX Semiconductor Index climbed more than 2% during Monday morning to its highest level since September 9. The rally was linked in part to expectations that some of the AI industry's most influential leaders will attend a White House dinner on Thursday as part of the U.S.-China meeting.

Preliminary talks between U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng were characterized as constructive ahead of the summit. Investors are watching for potential outcomes on tariff policies, trade limitations, and technology regulations, with artificial intelligence expected to be central to discussions.

Any positive signal on AI cooperation frameworks could benefit U.S. chipmakers with China exposure, as opposed to tightening of U.S. export controls on AI chips.

AMD enters Monday's session with support from analysts. 55 analysts cover AMD stock, with 39 buys, 5 outperforms, and 11 holds. The mean price target stands at $617, roughly 10% above the stock's prior close.

Piper Sandler initiated coverage on September 10 with an Overweight rating and a $600 price target. Raymond James upgraded AMD to Strong Buy on August 25 and raised its price target to $641.