New York, July 2, 2026, 12:06 (EDT)
- Advanced Micro Devices NASDAQ:AMD dropped 3.5% to $521.78 in late-morning trading in the U.S., trading around 10% under its record close set on June 30.
- Wells Fargo NYSE:WFC, UBS Group NYSE:UBS, and Cantor Fitzgerald set new targets for AMD between $615 and $700, which tops most other analysts.
- Server CPUs stand out now. Analysts have started using an internal AMD data center revenue split that hasn’t been reported, and Meta Platforms NASDAQ:META is deciding what to do with extra AI compute units.
Shares of Advanced Micro Devices NASDAQ:AMD slipped Thursday, despite more bullish price targets from big Wall Street firms. The market is debating whether AMD’s AI value still sits with its CPUs instead of GPUs.
The stock fell 3.5% to $521.78 in late-morning trading in the U.S., giving it a market cap of about $861.4 billion and a trailing P/E ratio of 171.2, based on the latest quote. It closed at a record $580.91 on June 30, putting its market value close to $947 billion, according to Barron’s.
Benzinga said Thursday’s drop looked like profit-taking after a long rally. Barchart, in a July 1 report, mentioned UBS’s $670 target and talked up agentic AI boosting demand for separate CPU racks at data centers.
| Recent call | Rating and target | Implied move vs $521.78 | Main data point |
|---|---|---|---|
| Cantor Fitzgerald, C.J. Muse, June 29 | Overweight, $700 | +34.2% | Cantor lifted its target from $500, saying AMD has the “greatest momentum in compute” of chip firms. |
| UBS Group NYSE:UBS, Timothy Arcuri, June 24 | Buy, $670 | +28.4% | UBS took its target up from $455 and raised its 2030 server CPU revenue forecast to $50 billion from $41 billion. |
| Wells Fargo NYSE:WFC, June 30 | Overweight, $615 | +17.9% | Wells now sees 2026 server CPU sales at $16.0 billion, left the data-center GPU forecast at $15.6 billion. |
| Benzinga analyst table | Consensus $473 | -9.3% | The 37-analyst average lags the stock; the most recent three targets average $661.67. |
The spread is the story here. Cantor’s top target has room for another 35% from Thursday’s close, but broader consensus sees AMD shares slipping. The gap isn’t just bulls vs. bears on AMD vs. NVIDIA NASDAQ:NVDA in GPUs. It’s really about whether AMD’s server CPU side can support a market cap that bakes in growth for years.
AMD’s first-quarter revenue climbed 38% to $10.3 billion. Data-center sales came in at $5.8 billion, up 57% and now more than half of total sales. CEO Lisa Su said “Data Center” has become the main driver of revenue and profit, with demand for inferencing and agentic AI helping to push up orders for high-performance CPUs and accelerators. Advanced Micro Devices, Inc.
| Scale check | Latest figure | Investor read |
|---|---|---|
| AMD first-quarter total revenue | $10.253 billion | That’s tracking to roughly $41.0 billion a year. The stock is valued at about 21 times that annualized rate. |
| AMD Q1 data center sales | $5.775 billion | Puts the data center business at $23.1 billion annualized. Server CPU revenue isn’t broken out by AMD. |
| UBS sees 2030 server CPU market | $50 billion | UBS figure is more than twice AMD’s current data center run rate. The number is for just one piece of the segment. |
| Wells Fargo: 2026 server CPU forecast | $16.0 billion | Wells Fargo also has $15.6 billion penciled in for data center GPUs this year. |
| AMD-Meta GPU supply deal | Up to 6 gigawatts | First batch of 1 gigawatt set to ship in the back half of 2026. |
For investors, model risk is a key worry. AMD lumps all its data center products—server CPUs, GPUs, APUs, DPUs, AI NICs, FPGAs, adaptive SoCs—into one reporting segment. The main bets depend on estimates for server CPUs within that mix, so numbers on EPYC share, Intel NASDAQ:INTC supply, and hyperscaler demand can hit the stock.
Meta Platforms NASDAQ:META may be moving to sell extra AI computing power through a new cloud business, Reuters said Wednesday, citing Bloomberg News. Meta declined to comment. Reuters couldn’t verify the report. Gil Luria at D.A. Davidson said any extra capacity from Meta would probably affect neoclouds more than the big cloud companies.
Meta is a big AI customer for AMD. Back in February, AMD and Meta said they planned to roll out up to 6 gigawatts of AMD Instinct GPUs. Meta is also a main buyer of AMD’s next-generation EPYC CPUs. Mark Zuckerberg then said he thought AMD would stay an “important partner for many years.” AMD
Benzinga reported that Wall Street is looking for AMD to post second-quarter results around Aug. 4. Analysts there are projecting earnings of $1.55 per share on $11.28 billion in revenue. That’s up from 48 cents a share and $7.68 billion last year.
