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Jefferies analyst Blayne Curtis recommends buying Advanced Micro Devices (AMD) shares ahead of the company's much-anticipated artificial intelligence (AI) event this week. Curtis maintains a “Buy” rating on the chipmaker with a bullish $615 price target, suggesting an exciting 24% upside potential from current levels.
Jefferies’ latest research note is significant for AMD stock given it has already more than doubled in 2026.
What Jefferies Expects From AMD’s AI Event
Curtis expects customer announcements to be “the biggest swing factor” as AMD kicks off its AI event in San Francisco this Wednesday.
“In addition to OpenAI and META, we believe MSFT is a customer for the MI450 but expectations are centered around an Anthropic announcement,” he told clients.
Anthropic has been onboarding engineering talent specializing in the ROCm software architecture, signaling a potential deal with Advanced Micro Devices in the near term.
A traditional, non-subsidized deal with Anthropic, unlike the one AMD has with Meta (META), could boost sentiment, reinforcing its ability to secure elite tier-one AI customers without needing to rely on steep incentives.
What Else AMD Could Announce at the Event
Curtis expects AMD’s event to include an increased CPU total addressable market (TAM) of $200 billion or more.
According to Curtis, the Nasdaq-listed firm will also make new disclosures on its upcoming MI500 chips as well — projected to transition into a native Ultra Accelerator Link (UAL) scale-up domain, packed with an impressive 256 GPUs per individual server rack.
Such hyper-dense scalability demands massive bandwidth, likely requiring AMD to fully commit to a Co-Packaged Optics (CPO) scale-up roadmap.
The market will closely watch for confirmations on who will supply the optical engines, with industry experts turned toward specialized hardware partners like Broadcom and Astera Labs to anchor the new ecosystem, the Jefferies analyst concluded.
How Wall Street Recommends Playing AMD Stock
Note that Jefferies isn’t alone in keeping a positive stance on Advanced Micro Devices ahead of its much-anticipated AI event.
According to Barchart, the consensus rating on AMD shares sits at “Strong Buy,” with price targets as high as $755 indicating potential upside of about 50% from current levels.
On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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