AMD Stock Alert: Jefferies Analyst Predicts 24% Upside Potential Ahead of AI Event

Advanced Micro Devices (AMD) is set to kick off its highly anticipated artificial intelligence (AI) event in San Francisco this Wednesday, and analysts are eagerly awaiting the announcements. According to a recent research note from Jefferies, the chipmaker’s shares are expected to see a significant boost in the coming days.

Jefferies analyst Blayne Curtis maintains a ‘Buy’ rating on AMD shares with a bullish $615 price target, suggesting an exciting 24% upside potential from current levels. This prediction comes as AMD’s stock has already more than doubled in 2026, making it a stock to watch for investors.

What to Expect from AMD’s AI Event

Curtis expects customer announcements to be ‘the biggest swing factor’ at the AI event. In addition to OpenAI and META, he believes Microsoft (MSFT) is a customer for the MI450, with expectations centered around an Anthropic announcement. Anthropic has been onboarding engineering talent specializing in the ROCm software architecture, signaling a potential deal with Advanced Micro Devices in the near term.

A traditional, non-subsidized deal with Anthropic, unlike the one AMD has with Meta (META), could boost sentiment, reinforcing its ability to secure elite tier-one AI customers without needing to rely on steep incentives.

Other announcements expected at the event include an increased CPU total addressable market (TAM) of $200 billion or more. The Nasdaq-listed firm will also make new disclosures on its upcoming MI500 chips, projected to transition into a native Ultra Accelerator Link (UAL) scale-up domain, packed with an impressive 256 GPUs per individual server rack.

This hyper-dense scalability demands massive bandwidth, likely requiring AMD to fully commit to a Co-Packaged Optics (CPO) scale-up roadmap. The market will closely watch for confirmations on who will supply the optical engines, with industry experts turned toward specialized hardware partners like Broadcom and Astera Labs to anchor the new ecosystem.

How Wall Street Recommends Playing AMD Stock

Note that Jefferies isn’t alone in keeping a positive stance on Advanced Micro Devices ahead of its much-anticipated AI event. According to Barchart, the consensus rating on AMD shares sits at ‘Strong Buy,’ with price targets as high as $755 indicating potential upside of about 50% from current levels.