Shares of Advanced Micro Devices (AMD Quick QuoteAMD - Free Report) are rising once again on Wednesday, moving more than 6.5% higher in early morning trading. AMD is garnering plenty of attention around the markets, and now, as the stock faces its third-straight day of solid gains, many investors are left wondering if they should still be buying shares.

AMD caused a stir on Tuesday when shares jumped on several pieces of positive news, including Monday afternoon’s announcement that the company’s technology will be included in the new iMac Pro computers.

Indeed, Apple (AAPL) revealed the new iMac at its Worldwide Developers Conference keynote on Monday, touting AMD’s new Radeon Pro Vega GPU as the “most advanced graphics ever in a Mac” (also read: 3 of the Coolest Announcements from Apple's WWDC Keynote).

AMD investors also seemed excited about the fact that a new line of processors from rival chipmaker Intel (INTC) were not being received favorably. Intel’s new Core X processors were widely regarded as the company’s response to AMD’s Ryzen technology, but early reviews were harsh. For example, Seeking Alpha’s Chris Lau argued that Intel’s Core X rollout has been “embarrassing and rushed.”

Finally, AMD has been soaring this week because a new report from CNBC suggested that its technology was helping cryptocurrency miners. These digital currencies have been on fire lately, with the ever-popular bitcoin soaring more than 385% over the past year, and now investors are starting to peg AMD as a possible play in this space. According to CNBC, cryptocurrency miners are using graphics products from AMD and Nvidia (NVDA) to pump out coins faster.

So as we begin to consider whether we should buy AMD after its recent momentum, let’s start with its new ties to bitcoin. Some analysts will be sure to downplay this relationship, as being related to bitcoin seems like it could be problematic. It almost seems obvious that AMD could then feel an effect from the volatility of the cryptocurrency.

However, it is important to consider that bitcoin mining operations are complex, costly, and time consuming—it is unlikely that a serious miner would be affected by a one-day swing in bitcoin’s price. If anything, this new link to bitcoin just goes to show that AMD’s technology is respected by a variety of users across the tech landscape.

Let us also consider that AMD’s stock is still a solid 20% below its 52-week high. Investors tend to make a big fuss about the ability of a momentum stock to break into—and stay in—a higher range, but there’s plenty of room for gains before we even need to worry about that here.

Finally, let’s note that share of AMD have still not returned to their pre-earnings levels. Remember, AMD fell off a cliff after its latest earnings report, dropping more than 20% after management delivered a less-than-spectacular forecast for the rest of the year—especially regarding profit margins.

And that leads us to our conclusion. Should you buy AMD stock now, on the back of its strong momentum, or should you wait to buy on a dip? The answer depends entirely on your preferred method of trading and your belief in the company’s fundamental picture.

That’s certainly not a definitive answer, and I fully understand that. One thing I will say definitively is this: there are exciting things coming from AMD over the next few years. That should be a good thing going forward. But that doesn’t mean every investor should turn a blind eye to fundamental issues like margins. Again, the emphasis we put on each of these things is based on our own beliefs.

For now, AMD remains a Zacks Rank #3 (Hold).

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