AMD
UBS just threw AMD a bigger carrot
Wall Street’s latest AMD take comes with a bigger number attached: UBS lifted its price target to $670 from $455 and kept the Buy rating intact. The firm says it’s getting more upbeat on AMD’s standalone CPU rack business, plus the wider x86 ecosystem that still powers a ton of traditional workloads feeding into newer AI pipelines.
That’s the kind of note that usually gets traders doing the happy dance. But AMD’s shares were still sliding Wednesday, which is a very Wall Street thing to do: get a bullish upgrade and then immediately act like it’s priced in already.
The bull case is all about CPU muscle
UBS also cranked up its revenue expectations, now seeing AMD at:
- $23 billion in 2027 vs. a prior $21 billion estimate
- $29 billion in 2028 vs. $27 billion before
- $50 billion in CPU server revenue by 2030 vs. an earlier $41 billion call
The logic? AMD’s mix of core count, multithreading, and the boring-but-powerful x86 software ecosystem could make it a bigger beneficiary as agentic AI workloads spread beyond flashy GPU headlines.
So why is the stock down?
Because markets love a good narrative right up until they remember valuation exists. AMD was still down 1.76% to $510.71 at the time of publication, even after the upgrade. In other words: the story got better, but the tape wanted a breather.
Big picture
AMD is still riding a strong uptrend, but today’s move is a reminder that even elite chip stocks don’t go straight up forever. UBS just handed bulls another reason to stay excited — now the question is whether the stock can digest the gains without turning into a full-on smoke break.