Prediction: AMD's Stock Could Soar on Nov. 4
Nvidia (NASDAQ: NVDA) has widely been regarded as the best artificial intelligence investment opportunity in the AI arms race. However, recent events have caused Advanced Micro Devices (NASDAQ: AMD) to gain traction in this area. The hype around AMD's business started when it announced a deal with OpenAI to provide 6 gigawatts of computing power through a deal where OpenAI invested in AMD as the computing power is delivered.
While this deal is important for AMD, what it really signaled was that a leading generative AI company plans on using AMD's hardware. That's a big deal, as AMD's technology has always been seen as a downgrade from Nvidia. This could be setting the stock up for another huge movement on Nov. 4, when it reports Q3 earnings, as AMD may unveil a huge order backlog that popped up following its OpenAI deal.
The burning question remains: Should you buy AMD stock right now? Or wait until after Nov. 4?
Source Fool.com
Advanced Micro Devices Inc. Stock
With 106 Buy predictions and 3 Sell predictions Advanced Micro Devices Inc. is one of the favorites of our community.
As a result the target price of 245 € shows a slightly positive potential of 17.25% compared to the current price of 208.95 € for Advanced Micro Devices Inc..
