NEW YORK, April 22, 2026, 15:11 EDT
Shares of Advanced Micro Devices jumped roughly 6% to $302.24 on Wednesday, following a fresh 12-month price target boost from Stifel. The firm bumped its target up to $320 from $280 while maintaining its Buy call. AMD touched as high as $302.57 during the session, extending a brisk rally for April.
This shift is notable: most of the expected gains from Stifel’s new price target are already priced in. AMD now trades less than 6% below that mark and sits just shy of Bank of America’s $310 target. That puts the spotlight on its first-quarter report due May 5—the next real test.
Chip shares have been tearing higher. According to Reuters, the Philadelphia Semiconductor Index notched a new high and looked headed for its 16th consecutive advance on Wednesday. European semiconductor stocks followed suit, with investors piling in on expectations that AI data-center spending isn’t slowing down.
“AI-driven compute demand continues to run above expectations across both accelerated and general-purpose architectures,” Stifel’s Ruben Roy said, highlighting robust appetite for AI accelerators alongside traditional server chips. Stifel additionally flagged multi-gigawatt commitments from Meta and OpenAI. TheStreet
Those commitments now play a pivotal role in the AMD narrative. Back in February, AMD announced plans to deliver up to 6 gigawatts of GPUs to Meta—graphics chips designed for training and running AI models—with the first gigawatt scheduled to ship in the second half of 2026. Elsewhere in its annual report, AMD cited a separate 6-gigawatt OpenAI deal involving MI450 chips. Meta chief Mark Zuckerberg, for his part, called AMD “an important partner for many years to come.” AMD
AMD wants to turn those deals into something bigger—a direct shot at Nvidia, which still leads the AI chip market. At its November analyst day, CEO Lisa Su called it “a new era of growth.” The company also said its Helios systems, using MI450 GPUs, will start shipping in the third quarter of 2026. Helios brings together chips, networking gear and software in a single rack-scale data center platform. Reuters
Company figures are setting the tone. AMD posted a record $10.3 billion in fourth-quarter 2025 revenue, with data-center sales jumping 39% to $5.4 billion. Looking ahead, the chipmaker expects first-quarter 2026 revenue around $9.8 billion. CEO Lisa Su pointed to “strong momentum” going into 2026, citing gains from EPYC server chips, Ryzen processors, and the data-center AI segment. Advanced Micro Devices, Inc.
Stifel isn’t alone in boosting expectations. Just last week, Bank of America bumped its AMD target up to $310 from $280, arguing that every gigawatt of AI capacity installed might add $15 billion to $20 billion in net revenue for AMD. Bernstein, pointing to stronger server results and the Meta deal, lifted its own target to $265. Shares have already blown past that level.
Still, after such a rally, there’s less margin for error. Stifel pointed to growing supply issues, while AMD’s February guidance signaled a slight sequential decline, with Q1 revenue guidance landing near $9.8 billion. Back then, Bernstein’s Stacy Rasgon said short-term AI figures weren’t really taking off—unless China sales picked up. The Meta and OpenAI deals? Both feature performance-based warrants that could end up diluting current shareholders if AMD hits the required targets.
So, May 5 looms as the next big moment. For AMD, the key: proof that hefty AI spending is actually translating to brisker sales—without any cracks in its server-chip line. Pull that off, and Wall Street’s recent target hikes might stick. If not, the stock, which has already zipped past one analyst’s price and nearly hit another, could see investors take a harder line.
