NEW YORK, Jan 13, 2026, 14:02 EST — Regular session
- AMD shares jumped roughly 6% after KeyBanc upgraded its outlook on data-center chips
- Analyst points to constrained server CPU supply alongside rising demand from hyperscalers
- Attention now turns to earnings on Feb. 3 and upcoming inflation data due this week
Shares of Advanced Micro Devices climbed roughly 6.4%, hitting $220.88 by early Tuesday afternoon, pushing AI-related chip stocks upward.
The jump came after KeyBanc Capital Markets bumped AMD and Intel to “overweight,” a shift timed with investors trading the AI theme based on subtle shifts in demand cues. 1
Why it matters now: chip investors are scrambling to see if data-center spending is spreading beyond Nvidia’s high-end accelerators into CPUs, memory, and networking, right as earnings season kicks off. 2
Tuesday’s U.S. CPI report kept the spotlight steady. The Labor Department recorded a 2.7% rise in consumer prices over the 12 months ending December, with core CPI—excluding food and energy—up 2.6%. That leaves the door open for rate cuts, despite lofty tech valuations. 3
KeyBanc analyst John Vinh gave AMD a $270 price target, noting the company is “almost being completely sold out of server CPU in 2026.” The same report projects AMD’s server CPU business to “grow at least 50% this year.” AI-related revenue could hit “$14B–$15B” by 2026, driven by MI355 shipments and a ramp-up of MI455-based “Helios” systems. (ASP means average selling price; GM stands for gross margin.) 4
Vinh highlighted cloud “instance” data—tracking deployed computing capacity—as a quick gauge of demand. According to a Benzinga report quoting KeyBanc, AMD’s processor instances remained flat month-on-month in December but climbed 16% year-on-year. Meanwhile, the newer “Turin” instances saw a 4% increase month-on-month. 5
Intel shares climbed roughly 7.8% to $47.51. Nvidia barely moved, while Arm slipped around 3.5% on the day.
Macro remains in the background. A Reuters report noted December consumer prices increased as anticipated, supporting expectations that the Federal Reserve could keep rates steady for now. 6
Investors have their sights set on Wednesday’s producer price index (PPI) release at 8:30 a.m. Eastern, along with the Fed’s Jan. 27-28 meeting. Both events could shake up rate-sensitive tech stocks. 7
AMD’s next major event is its earnings report. The company plans to release its fiscal fourth-quarter and full-year 2025 results on Tuesday, Feb. 3, after the market closes, followed by a conference call at 5:00 p.m. EST. 8
Yet the trade can flip quickly. Should hyperscaler orders falter or memory shortages tighten, what was once a “sold-out” story could flip to delayed customer shipments and cautious forecasts — all while competitors vie for the same racks.
On Feb. 3, traders expect hard data on data-center CPU demand and pricing, plus an early glimpse at 2026 AI system rollouts. Tuesday’s upgrade has already surged expectations for the stock.
