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Shares have more than doubled this year.The maker of high-performance computing processors said in July it expected its total addressable market to be roughly $2 trillion in 2030. On Tuesday, Chief Financial Office Jean Hu said at a conference that number could range as high as $3 trillion.Demand is booming for GPUs, CPUs and AI PCs, Hu said. AMD's data center business also is expected to double next year, she said.The company plans to launch a new GPU this quarter, with the business growing faster in the fourth quarter and next year, Hu said. 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Data as of May 31, 2026. Download CSV.In other words, the recent additions of Amazon.com, Apple, or Microsoft didn’t cause the increase. Smaller tech stocks already in the Russell 1000 Value went on a tear over the 12 months leading up to the rebalance. Their revenue and earnings grew with demand for the semiconductors and memory chips they develop and manufacture, and their market caps and valuations increased accordingly.The table below shows the rate of return of the largest technology stocks in the Russell 1000 Value over the 12 months leading up to the June rebalance. Alphabet’s GOOGL 102% return was the smallest of the bunch.Source: Morningstar Direct. Data as of Aug. 31, 2026. Download CSV.Meanwhile, Amazon.com returned about 7% and Apple 37%, while Microsoft lost almost 28% over the same period. Their fundamentals and prices looked a lot less growthy than the eight stocks in the previous table. Cheap TechThe extreme growth of the former eight 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Chip maker Intel was the S&P 500's top performer ahead of the opening bell, advancing 3.6%. Advanced Micro Devices, Marvell, Micron, and Sandisk were also up in premarket trading.Amgen fell 4.9% after drugmaker Novartis reported disappointing trial results for its experimental cardiovascular treatment, pelacarsen. Amgen is developing a treatment of its own called olpasiran. Novartis' Swiss-listed shares dropped 9.1% following a series of trial setbacks.Fuel-cell manufacturer Bloom Energy jumped 5.9%, data storage company Everpure added 3%, and biotech Illumina ticked up 0.9%. The stocks are set to join the S&P 500 before trading opens on Sept. 21.Building supplier Builders FirstSource, brewer Molson Coors Beverage, and advertising software company Trade 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