Advanced Micro Devices, Inc.(NASDAQ:AMD) shares climbed steadily throughout Tuesday's trading session to end the day up more than 4%.

What To Know: The Nasdaq 100 Index closed Tuesday's session at 20,011 points and marked a new daily closing high, aided by large gains from both AMD and Tesla, Inc. (NASDAQ:TSLA).

Investors' confidence in future rate cuts was boosted by comments from Fed Chair Jerome Powell who spoke at a European Central Bank monetary policy panel on Tuesday. Powell suggested the disinflation trend has resumed and the labor market shows signs of "appropriate cooling."

AMD shares gained more than 40% over the past year as the stock continues to benefit from the widespread adoption of AI across industries.

The company recently released an updated version of its AMD ROCm 6 open-source software platform, ROCm 6.1, designed to keep pace with the rapid advancements in AI frameworks.

The updates include a new ROCm library that enables high-performance video decoding directly on AMD's GPUs and updates to the MIOpen Library aimed at increasing GPU performance, particularly for deep-learning applications of inference and convolutions.

AMD shares climbed steadily on above-average volume Tuesday and ended the session above its 50-day moving average of $158.79, according to data from Benzinga Pro.

AMD Price Action: According to Benzinga Pro, Advanced Micro Devices shares closed Tuesday's session up 4.20% at $164.31.

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