Jefferies Targets $615 for AMD Ahead of San Francisco AI Event
Shares have more than doubled in 2026, with market consensus at "Strong Buy" as investors await technical disclosures on ultra-dense GPU scaling and optical supply chain commitments.
Advanced Micro Devices is scheduled to host an artificial intelligence event in San Francisco on Wednesday, 22 July 2026, as the market anticipates significant updates on its hardware roadmap and customer base. Jefferies analyst Blayne Curtis has issued a "Buy" recommendation for the chipmaker, assigning a price target of $615, which implies approximately 24 per cent upside from current levels. The research note carries particular weight given that AMD shares have more than doubled in value during 2026.
Curtis identifies customer announcements as the primary catalyst for investor sentiment, with specific focus on a potential partnership with Anthropic. Evidence suggests the AI firm is onboarding engineering talent specialising in AMD’s ROCm software architecture, indicating a near-term deal. Unlike AMD’s existing relationship with Meta, a contract with Anthropic would reportedly be a traditional, non-subsidised agreement, which could bolster market confidence in the company’s ability to secure elite tier-one AI clients without steep financial incentives.
The event is also expected to feature disclosures regarding the upcoming MI500 chips. These processors are projected to utilise a native Ultra Accelerator Link scale-up domain capable of supporting 256 GPUs per server rack. Industry experts suggest this hyper-dense scalability will likely require AMD to commit fully to a Co-Packaged Optics scale-up roadmap, with potential optical engine suppliers including Broadcom and Astera Labs.
In addition to hardware updates, AMD is anticipated to reveal an expanded CPU total addressable market estimated at $200 billion or more. Microsoft is also expected to be a customer for AMD’s MI450 chips, alongside existing partners OpenAI and Meta. Curtis noted that while Microsoft is a confirmed customer for the MI450, market expectations are currently centred around the Anthropic announcement.
Market sentiment remains broadly positive ahead of the gathering. According to Barchart data, the consensus rating on AMD shares sits at "Strong Buy," with some price targets reaching $755, indicating potential upside of approximately 50 per cent. The event arrives against a backdrop of broader market activity, including the recent Nasdaq debut of SpaceX and ongoing diplomatic developments between the US and Iran.
