Important points
Advanced Micro Devices (AMD) is scheduled to hold an “Advancing AI” event this week, with analysts predicting new product announcements could boost stock prices and boost sales.
AMD’s stock price is still more than 15% above where it started the year, albeit at the record-breaking levels it set in March. Thirteen analysts tracked by Visible Alpha have a buy or equivalent rating on AMD stock, and three have a hold rating.
The average price target for AMD stock is $190.56, with analysts broadly expecting AMD stock to rise another 11%. AMD closed Monday at just under $171, changing only slightly at the start of the week.
The company’s stock price rose nearly 20% in a few days after a similar incident last December.
New AI products could help fight Nvidia
Analysts expect AMD to announce new products at Thursday’s event, giving it a path to gain market share in the artificial intelligence (AI) accelerator space as it takes on industry leader Nvidia (NVDA). It is said that there is a possibility that it will be opened.
Analysts said the “AI ecosystem partners, customers and developers” AMD mentioned in its event announcement could include new customers, evidence of AMD’s growing market share. said.
