AMD's stock is showing signs of life again. 

After a rough fall, which saw shares of the chipmaker plunge precipitously during broader market volatility, shares rose nearly 5% on Tuesday.

A multitude of factors have weighed on AMD's (AMD) stock over the past few months, from trade tensions to a slowing market for crypto mining and anxiety across the tech sector. Shares have dropped 35% since the beginning of October, with AMD shedding approximately double the value of the rest of the tech sector.  By comparison, the SOX index that tracks chip stocks is down approximately 12% during the same period.  

But, as noted by TheStreet's Jonas Elmerraji, investors are showing a willingness to dip their toes back into a stock that has otherwise gained more than 73% during the past 12 months. Overall, the SOX index that tracks chip stocks is down more than 9% in the same period.

"Lots of eyes are on AMD right now, and for good reason. This $20 billion chipmaker has been one of the best performers in the S&P 500 in recent years, and it's been a bellwether for investors' confidence in the tech sector," Elmerraji wrote.

In a recent interview with TheStreet's Eric Jhonsa, AMD's CEO Lisa Su teased some developments coming down the pipeline that could breathe new life into AMD's product portfolio -- and its share of key sectors of the chip market. 

Su described the company's ambitions to grow its server CPU into the double digits in the next four to six quarters and to add meaningful revenue from its next-gen server CPUs in 2019, and AMD's efforts in building customer CPUs for major clients such as AMZN: "I think it's part of doing business in the cloud...optimizing for these key applications," Su told TheStreet. 

In the shorter term, however, Elmerraji argued that AMD has taken a significant enough "haircut" to its valuation that it's time for investors to give the chip giant, which has trended substantially upwards over the past year despite a recent plunge, a closer look. 

"Big rallies beget big corrections. That's a normal part of the market's lifecycle," he added. "And right now, it's looking a little premature to call AMD's uptrend dead."

Timothy Collins, an analyst for Jim Cramer's Action Alerts Plus portfolio, speculated that the recent shakiness in AMD's stock may make it a target for 'bottom fishers' buying up an oversold stock. "If the market holds serve here, momentum traders are likely to come into names like AMD (higher low and close to pushing above previous resistance)," he said. 

"I do believe AMD (and ( XLNX) ) are winning business from Intel ( INTC) in the data center markets, so I have less concern about a crypto hangover in AMD than a name like Nvidia ( NVDA) , but I doubt that thesis drove the stock on Tuesday," Collins added. "In the end, I like the setup for AMD more than many other technology names, but there's nothing yet with any certainty to declare it ready to roar back to life."

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