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tickers: AMD
source: MarketWatch
tickers affected by this
| ticker | polarity | why? |
|---|---|---|
| AMD | positively | The positive outlook for AMD’s MI300 AI accelerator, with higher revenue projections and increased interest from investors, is expected to have a positive impact on the stock price of ticker AMD. The anticipated performance of the AI accelerator in the upcoming earnings report is likely to further boost confidence and contribute to the bullish sentiment surrounding the stock. |
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summary
Enthusiasm Building for AMD’s MI300 AI Accelerator, Forecasts Expected to Rise
Enthusiasm is growing for Advanced Micro Devices Inc.’s (AMD) MI300 AI accelerator, and forecasts for data-center GPUs are likely to be revised higher following the company’s upcoming earnings announcement. According to Susquehanna analyst Chris Rolland, enthusiasm for the MI300 AI accelerator is so strong that AMD’s previous projection of total data-center revenue from graphics processing units exceeding $2 billion in 2024 is expected to increase to at least $3 billion. Some investors even suggest a target closer to $6 billion. Rolland raised his price target on AMD’s stock to $210 from $170 and believes that much of the MI300’s potential is already priced into the stock.
The MI300 AI accelerator is expected to be the “swing factor” in AMD’s earnings report, according to Rolland. BofA Securities analyst Vivek Arya also believes that AMD will raise its expectations for the accelerator, estimating revenue in the range of $3 billion to $3.5 billion for calendar year 2024. Each 1% share of the accelerator market that AMD gains could translate to a 16-cent increase in earnings per share in 2025, based on Arya’s calculations. However, Arya remains cautious about AMD’s ability to compete with incumbents like Nvidia and other customer chip partners.
Despite concerns about fundamental fundamentals, Bernstein analyst Stacy Rasgon notes that AMD has capitalized on the AI narrative and set expectations for growth that allows for potential upside. While others are more optimistic about the stock, Rasgon maintains a target price of $120, highlighting AMD’s relatively high valuation compared to other AI semiconductor companies.
Analysts expect AMD to report adjusted earnings per share of 77 cents for the quarter, with revenue projected to reach $6.1 billion, a 9% increase from the previous year. Data-center revenue is expected to grow by 39%, gaming revenue is projected to decline by 25%, and embedded revenue is expected to decrease by 24%. AMD will release its fourth-quarter results after the market closes on Tuesday.
Overall, the excitement around AMD’s MI300 AI accelerator has sparked higher forecasts and increased interest among investors, leading to a bullish sentiment for the stock. As the company reports its earnings, the market will closely watch the performance of the AI accelerator and its potential impact on future growth prospects.
