Bernstein Lifts AMD Target to $600 on CPU Renaissance Beyond Nvidia

AMD shares advanced more than 3% to $523 after Bernstein raised its price target to $600 from $525, citing a multi-year surge in server CPU demand from autonomous AI agent workloads and lifting its 2030 CPU TAM estimate to $223 billion. The move follows Wolfe Research’s June 15 reiteration of an Outperform rating with a $450 target while AMD traded at $511. Additional support came from BofA and Citi target hikes, with AMD reporting Q1 revenue up 38% to $10.3 billion. Investors now await further MI500 details at the July Advancing AI event.