Ahead of AMD’s (AMD) upcoming “Advancing AI” event on October 10, BofA notes that last’s year AI event on December 6 produced 19% and 80% stock returns one month and three months later, respectively. The firm, which also notes that AMD stock peaked in early March, right ahead of Nvidia’s (NVDA) GTC tradeshow, argues that roadmap updates in AI and server CPU with supporting cloud customer comments “could reinvigorate AMD stock,” which it points out is up just 9% year-to-date. However, the competitive landscape is getting crowded, while expectations are already high with investors expecting AMD to boost calendar year 2024E AI sales by another 10% to $5B-plus, added the analyst, who maintains a Buy rating and $180 price target on AMD shares.
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