HSBC has upgraded Advanced Micro Devices (NASDAQ: AMD) from “Hold” to “Buy,” raising its price target to $200 amid growing confidence in the company’s artificial intelligence (AI) capabilities. The bullish outlook sent AMD shares soaring more than 4% in today’s trading session, as investors reacted to the bank’s revised expectations for the chipmaker’s AI-driven revenue.
The upgrade reflects HSBC’s belief that AMD’s AI revenue for fiscal 2026 could far exceed current market estimates. The firm now projects $15.1 billion in AI-related sales—a staggering 57% above the consensus forecast of $9.6 billion. This upward revision stems from stronger-than-expected pricing power for AMD’s newly launched MI350 series AI chips, signaling robust demand in the competitive data center market.
Just six months ago, HSBC had expressed doubts about AMD’s ability to compete with rivals like Nvidia in the AI GPU space. However, recent product advancements and market positioning have shifted the narrative. The bank highlighted AMD’s upcoming MI400 rack architecture, slated for release in 2026, as another key growth driver. While the financial impact remains uncertain at this stage, HSBC believes the new technology could solidify AMD’s long-term standing in the AI sector.
Despite a 14% surge in AMD’s stock price following its AI Day event in June, HSBC argues that the market still undervalues the company’s growth potential. The bank anticipates a broader re-rating of the stock as AI adoption accelerates, suggesting significant upside from current levels.
CWEB business analysts believe with AI innovation at the forefront of investor interest, AMD appears well-positioned to capitalize on the next wave of semiconductor demand.
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