Advanced Micro Devices (AMD) Gets $130 Price Target as BofA Calls It the 'Next-Best AI Vendor'
Advanced Micro Devices, Inc. (NASDAQ:AMD) is one of the . On June 13, BofA declared AMD as the 'next-best AI vendor' after its AI event in San Jose, maintaining a 'Buy' rating and a $130 price target on the shares.
The company unveiled new details about its next-generation AI chips, the Instinct MI400 series, set to ship next year. OpenAI's Sam Altman made a surprising appearance at the event as well, with AMD noting how it has been offering it feedback on its MI400 roadmap.
Analyst Vivek Arya noted how the company provided an update to its end-to-end infrastructure platform, stating that investors' expectations might 'have been high,' but the company continues to execute in its AI roadmap, customer, and ecosystem proliferation.
A close-up of a digital circuit board with chips illuminated by LED lights.
The company has also doubled down on its partnerships with Meta, Oracle, Microsoft, xAI, OpenAI, and Saudi Arab's AI startup Humain. The analyst also noted how no new hyperscaler customer was officially announced, and believes there may be 'engagement' with Amazon's AWS, given that it was a key sponsor for the event. Moreover, he added that AWS prefers announcing its new instances and engagements at its own events.
'We attended AMD's Advancing AI Event in San Jose where AMD provided an update to its end-to-end AI infrastructure platform. Similar to last AI event in Oct-2024, investor expectations might have been high, but we highlight its continued execution in AI roadmap, customer/ecosystem proliferation, and software maturity.'
Advanced Micro Devices, Inc. (NASDAQ:AMD) develops and sells semiconductors, processors, and GPUs for data centers, gaming, AI, and embedded applications.
While we acknowledge the potential of AMD as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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