Advanced Micro Devices (AMD) - Get Advanced Micro Devices, Inc. Report shares have been as hot as an August day at the beach.

Shares of the chip-maker have skyrocketed 24% in August on optimism the company's chips would wrestle more market share away from struggling rival Intel (INTC) - Get Intel Corporation (INTC) Report . AMD's stock has surged about 120% this year, bringing the company's market cap to a lofty $24 billion. 

The company unveiled its new Radeon server card Monday that is designed specifically for data-center virtualization.

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Intel shares have gained slightly on the year. AMD has also out-performed chip darling Nvidia's (NVDA) - Get NVIDIA Corporation Report 28% year to date advance. 

AMD's CEO Lisa Su offered up a bullish outlook on the business in a post-second quarter earnings interview with TheStreet. Most on Wall Street share her assessment.  

"AMD is executing well on its product roadmaps, in our view, which is resulting in market share gains, solid top line growth, margin expansion and a lower net leverage ratio that could reach two times exiting this year (down from 2.5 times net leverage exiting the second quarter)," says JPMorgan analyst Harlan Sur. 

Here's why Jim Cramer is bullish on AMD rival Nvidia.