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AMD CEO Lisa Su in San Jose, California, in December.
Key Takeaways
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Advanced Micro Devices will announce new products and improvements to its artificial intelligence technology at its “Advancing AI” event on Thursday.
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Analysts are bullish on AMD’s stock, issuing thirteen “buy” ratings and three “hold” ratings on the stock, according to Visible Alpha.
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Analysts expect AMD to introduce several products at the event, and possibly unveil some new partnerships as well.
Advanced micro devices (AMD) will hold its ‘Advancing AI’ event this week, with analysts expecting new product announcements that could boost the stock price and boost sales.
AMD shares are up more than 15% from where they started the year, although down from March’s record levels. Thirteen analysts tracked by Visible Alpha have a “buy” or equivalent rating on AMD stock, while three have a “hold” rating.
AMD stock has an average price target of $190.56, meaning analysts broadly expect AMD stock to rise another 11%. AMD closed at just under $171 on Monday, after only a small change at the start of the week.
The company’s shares rose nearly 20% in the days after a similar event last December.
New AI products could help combat Nvidia
Analysts have said they expect AMD to announce new products at Thursday’s event, which could pave the way for it to gain market share in the artificial intelligence (AI) accelerator space as it faces Nvidia.NVDA), the market leader.
Analysts said the “AI ecosystem partners, customers and developers” AMD mentioned in the event announcement could include new customers — a testament to AMD’s growing market share.
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