Wall Street upgrades AMD after strong first-quarter print

Several major Wall Street firms raised their ratings and price targets on Advanced Micro Devices following its first-quarter earnings, citing accelerating data-centre revenue and a widening order book for the company's MI300 series accelerators. Bank of America, Truist and Citi were among those that lifted twelve-month targets by as much as 20%.

Analysts highlighted that AMD is starting to chip away at Nvidia's dominance in the AI training market, helped by easier supply availability and aggressive pricing on its instinct line. Customer commitments through 2027 give management improved revenue visibility, the notes argued, even as competition from custom silicon at hyperscalers intensifies.

AMD shares rose in pre-market trading, lifting other semiconductor names including Broadcom and Marvell. Investors will now look to mid-year capital expenditure guidance from the largest cloud providers to confirm whether AI infrastructure spending continues at the pace assumed in the upgraded models.