(Bloomberg) -- Advanced Micro Devices Inc. shares jumped Thursday, with the chipmaker extending a surge to hit its latest in a series of fresh records this year.

The stock rose 9.1%, a climb that resulted in the company’s market capitalization closing above $300 billion for the first time. Shares have more than doubled off an October low.

The company is seen as one of the primary beneficiaries of artificial intelligence, and last month, optimism about new AI processors helped AMD shares recover from a weak forecast. 

Earlier Thursday, Citigroup Inc. wrote that it remains “wildly bullish on semis,” especially as “the AI market continues to grow” with all kinds of businesses and organizations all buying AI chips. The firm singled out AMD as one of the stocks it favors, along with Nvidia Corp. and Broadcom Inc.

Still, the stock doesn’t exactly look like a bargain after recent gains. Shares trade at nearly 50 times estimated earnings, making it far more expensive than industry leader Nvidia, whose multiple is a relatively milder 32 times. 

While analysts are broadly positive — more than three-fourths of the firms tracked by Bloomberg recommend buying AMD — shares are essentially even with the average price target, suggesting additional upside from here could be limited. 

(Updates to market close.)

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