AMD closed at 559 last Friday and hit a new high at the opening today, reaching a intraday high of 613.9, up 9%, and reaching a market value of $1 trillion for the first time in history. The semiconductor index rose 2%, ARM rose 13%, Intel rose 10%, and the entire sector is moving. Three reasons for the surge: The first layer is AMD's own price increase. It has been reported from the supply chain that from Q4 onwards, AI accelerators, graphics cards, and motherboard chipsets will all be raised by 10%, citing an increase in TSMC's OEM quotes. I have full production capacity, and I am not afraid of you leaving even if I raise the price. The second layer is downstream endorsing it. Cloud manufacturer NBIS issued a price increase letter this month, stating that starting from October, AMD EPYC server CPU rental will increase by 25%, which is even more severe than Nvidia H100's 17%, and video memory will directly increase by 41%. You carefully read: Renting AMD is actually more expensive than renting Nvidia, indicating that AMD has more urgent needs. The third layer has a cold number to pour water on: the average target price in the entire market is about 598. That is to say, the stock price of 608 has already risen above the average expectation of Wall Street today. For every one dollar increase in the future, we have to rely on Q4 orders and the capital expenditure of cloud vendors to fulfill it without slowing down. People who chase after high positions should be mentally prepared. In the short term, let's see if 600 can stand firm and move towards 630-650. If you can't stand steadily, the group of people who got on the car earlier, such as 540-560, will come out to pick you up. That's the real cost zone of this round of market. There are still many trends, but the location is not cheap anymore.