"High" is relative. And todays end action might mean, that some gave up waiting for lower prices to get in or cover.
For the >100 Mio. shorted AMD shares (at least before today) such a dramatic change might cause some trouble, not only hit stops but also cause margin calls. These are not investing buyers per se but they have to buy.
I wonder, how many algo trading happens in AMD. I think, it's not that much (other than caused by broader algos just having $AMD included on their long lists). But of course, there were a lot of shorts. And even without too big buyers there (will definitely have a look at the T&S data), such a buying spree and dip buying might have prevented moving the price down a bit. Could you stop 3 rolling trains with your hands?