Jefferies upgraded AMD (AMD) to Buy from Hold with a price target of $300, up from $170. OpenAI’s plans to buy six gigawatts of AMD equipment changes the company’s “AI narrative,” the analyst tells investors in a research note. The firm says the OpenAI partnership provides “strong validation” of AMD’s artificial intelligence roadmap and the level of AI demand in general. Jefferies cites its better server checks and AMD’s new “multigenerational” opportunity with OpenAI for the upgrade. The firm came away from its Asia trip “incrementally positive” on AMD due to potential share gains in server central processing units with Venice.
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