Shares of US chipmaker AMD rose sharply on Thursday, extending gains made this year。

The stock is up 9.1%, pushing the company's market cap above $300 billion for the first time.。AMD's stock price has more than doubled since its October low。

AMD is seen as one of the main beneficiaries of artificial intelligence. Last month, the market was full of optimism about the new artificial intelligence processor, which helped AMD shares recover from a weaker revenue forecast.。

Earlier on Thursday, Citigroup wrote that they remain very bullish on the semiconductor industry, especially as the artificial intelligence market continues to grow as various companies and organizations are buying artificial intelligence chips.。The company specifically mentioned shares such as AMD, Nvidia and Broadcom.。

However, given recent gains, AMD is not like a bargain.。Currently, the stock is trading at close to 50 times estimated earnings, making it far more expensive than industry leader Nvidia, which has a relatively low multiple of about 32 times。

While analysts were generally positive about AMD, its shares were essentially flat with their average target price, suggesting that further gains from current levels may be limited.。