AMD
META
The bull case just got louder
Wolfe Research isn’t exactly waving pom-poms for no reason — it’s pointing to a pretty specific growth engine for AMD: server GPUs. The firm says demand looks stronger than expected, and Meta’s AI deployments are helping grease the wheels.
The AI math is doing the heavy lifting
Wolfe tweaked its calendar 2026 model to reflect stronger server GPU performance, while trimming weaker client business. Translation: the personal-computer side may be snoozing a bit, but the data-center side is doing the heavy cardio.
For 2027, Wolfe lifted its revenue estimate to $74 billion and EPS to $12.63, which is Wall Street speak for: "If the AI machine keeps humming, this stock could still have room to run."
OpenAI, Meta, and the next check
The firm said the biggest catalyst is AMD shipping its first gigawatt to OpenAI and Meta and then getting a follow-on order. That’s the kind of customer-stacking investors love, because one big order is nice, but recurring business is where the real sequel money lives.
Wolfe also flagged upside from a possible third customer, which it thinks could add $2 to $3 per share in earnings, plus extra help from server CPU strength.
Big picture: AMD’s story is increasingly less about "can it compete?" and more about "how big can the AI slice of the pie get?" If Wolfe is right, the market may still be underestimating the runway.