What happened Shares of Advanced Micro Devices (NASDAQ: AMD) rode a roller coaster in June 2019, according to data from S&P Global Market Intelligence. At one point, the chip designer's stock closed 21.2% above its end-of-May price, but it slid back to close the month at a 10.8% total gain. So what The surge started in the first week of June when analysts from Morgan Stanley changed their sell rating on AMD shares to a hold rating. The firm also more than doubled its price target on this stock from $11 to $28 per share. AMD shares climbed 8% higher that day, and continued to rise for several days afterward. AMD's gains peaked on June 10, when its valuation topped out at 133 times adjusted earnings and 67 times free cash flows. At that point, share prices had soared 118% in 52 weeks. From that point, some investors began cashing in some of their profits, which sent AMD's stock 12% lower over the next two weeks. Image source: AMD. Now what This stock has resumed its gains in July amid a flurry of promising graphics card launches that could give AMD its best position in years against archrival NVIDIA (NASDAQ: NVDA). The two companies are also jockeying for market share via price cuts and enhanced marketing programs. It will be interesting to see how AMD's top and bottom lines match up against NVIDIA's in the next couple of quarters. 10 stocks we like better than Advanced Micro DevicesWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has quadrupled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Advanced Micro Devices wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 1, 2019 Anders Bylund has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends NVIDIA. The Motley Fool has a disclosure policy.Source