Advanced Micro Devices (NASDAQ: AMD) has become one of the purest ways to bet on the global AI infrastructure build‑out. After a huge run and a recent wobble, investors are laser‑focused on one question: where could AMD’s stock price realistically trade in 2026?
As of the close on 28 November 2025, AMD changes hands at about $217.53 per share. The stock has surged this year on excitement around AI chips, big data center contracts and new product roadmaps—but also sold off sharply in recent weeks as investors worry about competition and “AI bubble” risks. Reuters+1
Below, we’ll walk through:
- Where AMD stands today
- The latest Wall Street price targets into 2026
- 2026 revenue and earnings forecasts that underpin those targets
- How AI/data‑center catalysts like MI350, MI400 and MI450 could move the stock
- A bull/base/bear range for AMD’s share price in 2026 (not investment advice)
AMD stock in late 2025: strong fundamentals, nervous investors
Recent earnings and guidance
AMD’s most recent reported quarter (fiscal Q3 2025) showed why the stock has been on such a tear:
- Q3 revenue: $9.25 billion vs. $8.74 billion expected
- Data center revenue: up 22% year over year to $4.3 billion, beating estimates
- Client (PC) segment: sales jumped 46% to $2.8 billion, helped by a recovery in PC demand and interest in “AI PCs”
- Q4 revenue guidance: about $9.6 billion ± $300 million, ahead of Wall Street’s roughly $9.15 billion expectation
- Adjusted gross margin: 54%, slightly above estimates
All of this was driven largely by demand for AMD’s AI accelerators and EPYC server CPUs. Reuters
At the same time, AMD secured a multi‑year deal with OpenAI to supply AI chips that could bring in “tens of billions” in annual revenue over time, and it obtained licenses to ship modified MI300 chips into China despite ongoing export controls. Reuters
Analyst Day: a very aggressive long‑term AI plan
At AMD’s November 2025 Analyst Day in New York, management laid out a truly punchy AI roadmap: Reuters
- Targeting $100 billion in annual data center chip revenue within five years
- Expecting 35% annual growth across the whole company and 60% annual growth in the data center business over the next 3–5 years
- Projecting earnings to rise to around $20 per share in that same timeframe
- Confirming the MI400 AI GPU family for 2026, alongside a full rack‑scale server system similar to Nvidia’s GB200‑based platforms
Those are ambitious numbers. If AMD even gets halfway there, today’s market cap starts to look very different.
But sentiment has turned choppy
All that good news hasn’t kept the stock from getting volatile:
- European market coverage notes AMD shares are still up roughly 60% year to date, even after a drop of more than 17% over the last 30 trading sessions. ad-hoc-news.de
- Yahoo Finance has described November as AMD’s worst month since 2022, as investors reacted to reports that major customers like Meta and Google are exploring more in‑house AI chip designs. Yahoo Finance
- An in‑depth German‑language recap highlights how cloud giants including Amazon, Google and Microsoft are building their own custom silicon, raising questions about how large AMD’s AI addressable market really is if top hyperscalers “build vs. buy.” ad-hoc-news.de
On the other side of the ledger, Quiver Quantitative notes that AMD stock rebounded about 6% in the last week and is one of the most‑searched tickers on its platform. It also shows: Quiver Quantitative
- Heavy insider selling over the past six months (dozens of sales, virtually no open‑market buys)
- A big mix of institutional moves—some large funds adding millions of shares, others taking profits
- A median Wall Street price target of $280 across 29 recent analyst updates
So the setup heading into 2026 is classic “high‑growth, high‑expectations”: fundamentals are strong, but expectations—and volatility—are high too.
Wall Street’s AMD stock price targets through 2026
Several major data providers now aggregate AMD analyst targets, and they’re surprisingly consistent in where they land.
Consensus 12‑month price targets (effectively into late 2026)
- MarketBeat:
- Average 12‑month price target: $278.54
- Range: $140 (lowest) to $380 (highest)
- Implied upside vs. ~$217: about 28% MarketBeat
- TradingView (analyst tab):
- Average target: $285.79
- Range: about $180–$380 TradingView
- TickerNerd (compiling 53 analysts):
- Median target: about $290
- Range: roughly $178–$380
- Overall rating: effectively “Strong Buy”, with 40 Buy, 11 Hold, 0 Sell ratings
- Implied upside vs. current price: ~33% Ticker Nerd
- Quiver Quantitative (last six months of reports):
- Median target: $280
- Recent high‑profile targets include $345 (Wells Fargo), $300 (BofA, Rosenblatt, Roth), $283 (Evercore ISI) and $260 (Morgan Stanley). Quiver Quantitative
- TipRanks similarly highlights recent hikes, including: $345 (Wells Fargo), $285 (Mizuho), $279 (Truist) and $280 from Stifel and Piper Sandler, all issued around AMD’s November AI updates. TipRanks
Takeaway:
Most mainstream 12‑month targets—effectively projections into late 2026—cluster in the $280–$290 range, with:
- Low end: roughly $134–$140
- High end: around $380
That’s a very wide spread, but the center of gravity is firmly above today’s price.
Earnings and revenue forecasts for 2026
Price targets are ultimately anchored to forecasts for revenue and earnings. Here’s what the Street is modeling.
Revenue projections
- A recent Nasdaq/Motley Fool breakdown notes analysts expect AMD’s revenue to grow about 28% in 2025 to roughly $33 billion, followed by another 20%+ increase in 2026 to just over $40 billion. Nasdaq
- Simply Wall St, using data from 45 analysts, cites consensus 2026 revenue around $44.1 billion following the latest results. Simply Wall St
- A Barron’s write‑up of AMD’s Analyst Day mentions Wall Street’s expectation of $33.8 billion in 2025 revenue, with growth of roughly 30% for 2026, 34% for 2027 and 23% for 2028. Barron’s
Put simply: analysts are modeling high‑20s to mid‑30s percent annual growth through 2026.
EPS projections
Different platforms show slightly different numbers (depending on when they pulled the estimates), but the direction is the same:
- A Nasdaq earnings‑estimate summary shows a 2026 EPS consensus around $5.4. Nasdaq
- MarketWatch’s analyst‑estimate page shows a current 2026 EPS estimate of $6.42, up from $5.96 three months earlier. MarketWatch
- A Nasdaq article on “Where Will AMD Stock Be in 2026?” notes consensus expectations for 2026 EPS of about $6.02, a roughly 54% jump vs. this year’s profit. Nasdaq
- Another article hosted on Nasdaq (by John Ballard) highlights Street forecasts for $9.62 EPS by 2027, which is what underpins some of the very bullish long‑term price scenarios. Nasdaq
Given today’s price around $217.5, that implies:
- On $5.4–6.4 in 2026 EPS, AMD trades at roughly 34–40× 2026 earnings
- On $9.6 in 2027 EPS, the multiple would fall sharply if the share price stayed flat—which is exactly why some forecasts see room for upside if growth materializes
In other words, AMD is not a cheap stock on near‑term numbers, but its valuation makes more sense if you believe in sustained AI‑driven growth into 2027 and beyond.
AI and data center catalysts that matter for 2026
The entire AMD stock story now revolves around whether it can establish itself as a meaningful second supplier to Nvidia in AI data centers.
Key 2025–2026 catalysts:
1. MI300 and MI350 ramp
AMD is already shipping MI300 AI accelerators, and its Q3 numbers show data center revenue growing double digits with help from AI GPUs and EPYC CPUs. Reuters
A Nasdaq/Motley Fool analysis notes that MI350 AI GPUs, due in 2025, are positioned as a big performance leap—AMD has talked about up to 35× better inference performance versus prior generations, targeting customers like Microsoft, Meta and Oracle that are already using MI300. Nasdaq
2. MI400 in 2026 and rack‑scale “Helios”-style systems
Reuters reports that AMD’s next‑generation MI400 AI chip family is scheduled for 2026, with variants aimed at both generative AI and scientific workloads. AMD also plans a rack‑scale system that integrates its GPUs, CPUs and networking, similar to Nvidia’s GB200‑based platforms. Reuters
An earlier “Advancing AI” event (covered by Investopedia) highlighted a Helios rack architecture that will integrate AMD’s upcoming AI GPUs (initially labeled MI400 in that coverage) and is intended to ship around 2026. Investopedia
3. MI450 and the OpenAI / Oracle deals
A separate Nasdaq piece digs into AMD’s MI450 roadmap and partnerships: Nasdaq
- AMD has signed a multi‑year agreement with OpenAI to supply six gigawatts of AI compute, powered by its Instinct MI450 GPUs.
- The company expects to deploy the first 1 GW of that capacity in the second half of 2026.
- Oracle has announced plans to deploy tens of thousands of MI450 GPUs over the next few years.
If AMD executes, these deals could underpin a large portion of its 2026–2028 data center revenue.
4. Software & ecosystem
The same Nasdaq report highlights ROCm 7, AMD’s latest AI software stack, which showed several‑fold performance improvements over the previous version in training and inference benchmarks. Nasdaq
A stronger software ecosystem matters because it makes it easier for AI developers to port workloads from Nvidia’s CUDA environment—one of AMD’s biggest historical weaknesses in AI.
What 2026 AMD stock forecasts actually say
Beyond raw targets, several high‑profile analyses have tried to put concrete numbers on where AMD could trade in 2026.
1. Moderate scenario: ~20–25% upside
The “Where Will AMD Stock Be in 2026?” article (Motley Fool via Nasdaq) walks through consensus expectations and concludes that if AMD earns about $6.02 per share in 2026 and trades at 33× earnings—roughly in line with the Nasdaq‑100 index—its share price could be around $199 at the end of 2026, implying roughly 20–25% upside from the author’s reference price at publication. Nasdaq
That’s actually below today’s ~$217 price, which shows how much the stock has already moved since that piece was written.
2. More bullish 2026 view: 50%+ upside
Another Motley Fool article hosted on Nasdaq carries the headline “Prediction: AMD Stock Will Rally 50% by 2026” and argues that, despite competition from Nvidia and Intel, AMD could reasonably trade around $230 if AI execution continues and macro conditions cooperate. Nasdaq
From today’s ~$217 level, that particular target is almost within arm’s reach, but remember it was originally based on a lower share price in early October.
3. Very bullish multi‑year view: 2027 and beyond
In the “Where Will Advanced Micro Devices Stock Be in 2 Years?” piece, an analyst notes Wall Street’s forecast of $9.62 in EPS by 2027 and plays out valuations from there: at a 61× P/E (roughly AMD’s forward multiple at the time), the stock could be around $586; at a more modest 35×, the price would be closer to $336. Nasdaq
These are 2027 scenarios, not 2026, but they explain why some 12‑month price targets push into the high‑$300s: they’re implicitly looking at future earnings power.
4. Algorithmic and retail‑oriented 2026 forecasts
Long‑horizon, rules‑based forecast sites also weigh in:
- LongForecast, which uses statistical/time‑series models rather than fundamentals, projects AMD around $309 in July 2026 and about $350 by December 2026, with monthly trading ranges between roughly $289 and $378. EFA Forecast
- Retail‑oriented blogs such as PocketOption and Telegaon see AMD “well‑positioned” to hit new all‑time highs by 2026 on AI and data center strength, but many of these pieces pre‑date the latest AI boom and are best treated as speculative sentiment rather than rigorous analysis. pocketoption.com+1
These algorithmic and blog‑style predictions can be interesting for context, but they’re not based on detailed company modeling.
Building a 2026 AMD price range: bull, base and bear (not advice)
This is not a prediction—just a way to connect the dots between consensus earnings, reasonable valuation multiples and the price targets already out there.
To keep it simple, assume:
- 2026 EPS: somewhere in the $5.4–6.4 range (Street consensus band) Nasdaq+2MarketWatch+2
- Current price: about $217.5
Bear case: AI cool‑down and multiple compression
Indicative range: ~$135–$180
In a downside scenario, several things could happen at once:
- AI spending decelerates or shifts more heavily to in‑house chips at hyperscalers (Meta, Google, Amazon and others), shrinking AMD’s realistic TAM. ad-hoc-news.de+1
- Export controls, supply constraints or execution issues slow the ramp of MI350/MI400/MI450. Reuters+1
- Valuations compress across high‑growth tech as investors decide they overpaid for AI narratives.
If AMD lands near the low end of EPS expectations (~$5.4) and the market decides it deserves a more “normal” 25–30× earnings multiple, you get roughly $135–$162 per share, which lines up well with the lowest analyst targets (~$134–$140). MarketBeat+1
Base case: consensus plays out, premium but not euphoric multiple
Indicative range: roughly $180–$260
In a middle‑of‑the‑road outcome:
- Data center and AI revenue grow strongly but not explosively.
- AMD hits something like $6 in 2026 EPS.
- The market awards a 30–40× multiple—still a premium to the broader market, but in line with high‑quality growth stories.
That math points to a rough range of $180–$240 for 2026 alone. Extend the lens a bit and layer in 2027 EPS (Street sees $7.9–$9.6 by 2027 in some forecasts), and a mid‑30s P/E supports prices in the high‑$200s to low‑$300s—which is basically where a lot of the $278–$290 consensus price targets and $300+ bullish calls come from. Quiver Quantitative+3Barron’s+3Nasdaq+3
Bull case: AI super‑cycle and sustained “AI premium”
Indicative range: $300–$380+
In a more optimistic scenario:
- AMD successfully ramps MI350, MI400 and MI450, wins meaningful share as the “second source” to Nvidia and executes well on OpenAI/Oracle and other hyperscaler contracts. Nasdaq+2Reuters+2
- Data center revenue tracks closer to the company’s hyper‑bullish path (toward that $100B annual goal by 2030). Reuters
- The broader market continues to pay 45–60× earnings for high‑growth AI leaders.
At the upper end of 2026 EPS forecasts (~$6.4), those multiples give you roughly $288–$384 per share—very much in line with the highest analyst targets around $380 and algorithmic forecasts that cluster near $350 into late 2026. MarketBeat+2EFA Forecast+2
Again, this is a scenario range, not a promise. AMD could also overshoot or undershoot any of these bands depending on how messy—or how powerful—the AI cycle turns out to be.
Key risks to any AMD 2026 forecast
Before anyone gets too attached to a target number, it’s worth underscoring the main ways this story could go sideways:
- Competitive pressure from Nvidia and in‑house chips
Nvidia is still the dominant AI GPU supplier, and hyperscalers are pushing their own silicon. If Meta and others lean more heavily into internal designs, AMD’s long‑term AI share could disappoint. ad-hoc-news.de+2Barron’s+2 - AI spending cyclicality and macro slowdown
Reuters has already flagged concerns about a potential “AI bubble,” noting that it’s not yet clear whether massive capex on advanced processors will generate the cashflows investors expect. Reuters+1 - Execution risk on the product roadmap
AMD is simultaneously ramping MI300, launching MI350, preparing MI400 and MI450, and delivering new rack‑scale systems and software. Any delay or performance shortfall could hit both revenue and valuation. Reuters+2Nasdaq+2 - China and regulatory risk
AMD only recently secured licenses to ship modified AI chips to China; future changes to export rules could hit that market again. Reuters - Insider selling and sentiment risk
Quiver’s data shows heavy insider share sales and a lot of institutional reshuffling. That doesn’t automatically mean “bad news,” but it can amplify swings if sentiment turns. Quiver Quantitative
What to watch between now and 2026
If you’re tracking AMD into 2026, some practical checkpoints to monitor:
- Quarterly data center GPU revenue and commentary on MI300 / MI350 demand
- Concrete updates on MI400 and MI450 launch timing and performance claims
- Progress on the OpenAI and Oracle deployments (especially the first 1 GW in 2H 2026) Nasdaq+1
- How often AMD mentions Helios / rack‑scale systems and ROCm adoption on earnings calls
- Whether consensus 2026–2027 EPS estimates are drifting up, flat or down
- Macro indicators: AI capex trends, interest‑rate expectations, and broader tech valuations (Barclays, for example, recently raised its S&P 500 year‑end 2026 target largely on continued strength in mega‑cap tech). Reuters
Bottom line: AMD stock forecast 2026
Putting it all together:
- Street consensus sees AMD’s stock somewhere in the high‑$200s by late 2026, with outliers from the mid‑$100s to just under $400. MarketBeat+2TradingView+2
- Fundamental models assume 2026 EPS in the mid‑single digits, climbing sharply again in 2027, supported by AI data‑center growth and a recovering PC market. Reuters+3Nasdaq+3MarketWatch+3
- AI catalysts—MI350/MI400/MI450, OpenAI and Oracle deals, Helios rack systems—make a $300+ share price plausible in a bullish scenario, but there are equally real risks from competition, geopolitics and valuations.
For investors, the real question isn’t “will AMD hit $300 in 2026?” so much as:
Do you believe AMD can grow into its current valuation (and then some) by executing on AI, data centers and software over the next 3–5 years—and can you tolerate the volatility along the way?
This article is for information and education only and is not financial advice. It doesn’t take into account your personal objectives, risk tolerance or financial situation. Before investing in AMD—or any individual stock—consider doing your own deep research or speaking with a licensed financial adviser.