As of June 30, 2026, we rate AMD Buy with a $760 twelve-month price target. Our thesis centers on two growth engines: stronger server CPU demand from agentic AI and the expected MI450/Helios GPU ramp. OpenAI and Meta have each committed to an initial 1 GW of Instinct GPUs, with shipments planned from the second half of 2026.
We forecast 2027 revenue of $84.6 billion and non-GAAP EPS of $15.21. Key risks include Helios execution delays, customer concentration, warrant dilution, and valuation. Our DCF range of $394–$627 sits below the price target, making sustained earnings growth essential. The full report presents our forecasts, valuation sensitivities, and bear, base, and bull scenarios.
