BofA raised the firm’s price target on AMD (AMD) to $130 from $120 and keeps a Buy rating on the shares after Nvidia (NVDA) and AMD separately announced multi-year AI infrastructure projects with HUMAIN, a subsidiary of the Saudi Arabia Public Investment Fund. The firm, which sizes the projects to be likely around $3B-$5B annually, or $15B-$20B over a multi-year period, thinks “Sovereign AI” could help address limited power availability for data centers in the U.S., plus offset headwinds from restrictions on U.S. companies shipping to China.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AMD:
- AMD, Intel lost microprocessor market share to ARM, says Citi
- Trump Secures $600B in Saudi AI Deals – Here’s What It Means for Nvidia, AMD, and U.S. Tech Investors
- Trump administration rescinds Biden’s AI diffusion rules
- AMD Partners with Saudi Arabia’s Humain in $10B Deal
- ‘Get Ready to Rumble,’ Says Top Investor About AMD Stock