On June 18, Rackspace Technology rose 9.16% overnight, trading at $8.22/share, with turnover of $656,000. The stock has continued its upward momentum following a series of positive catalysts in recent sessions.

On the news front, AMD and Rackspace Technology formally signed a definitive agreement to deploy 30 megawatts of AMD AI compute infrastructure across Rackspace global data centers in phases from late this year through 2028. The agreement, which finalizes a memorandum of understanding announced last month, targets regulated enterprise workloads including healthcare providers showing early interest in clinical AI and large-scale inference. Upon full deployment, the 30MW footprint will deliver a complete technology stack encompassing Enterprise AI Cloud, Enterprise Inference Engine, Inference-as-a-Service, and bare-metal AMD Instinct capabilities.

Additionally, RBC Capital raised its price target on Rackspace to $4 from $2.50 while maintaining a Sector Perform rating, following UBS earlier raising its target to $5 from $2. The company is simultaneously executing a 15% workforce reduction and $14-19 million in restructuring charges to streamline operations and accelerate its AI business pivot.

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