Raymond James Doubles Down on AMD's AI-Fueled Growth

Raymond James has given AMD its most aggressive price target on Wall Street yet, upgrading the chipmaker to Strong Buy from Outperform and setting a $641 target.

The upgrade, led by senior semiconductor analyst Srini Pajjuri, reflects a thesis that AMD's AI and datacenter business is entering a fundamentally different growth phase.

Pajjuri developed an 'AI Factory' framework to model the accelerating demand for server CPUs, arguing that AI workloads are creating a new category of CPU demand that sits on top of conventional datacenter needs.

AMD's Q2 2026 earnings showed Data Center revenue surging 107% year-over-year, blowing past analyst expectations and confirming AMD's server CPU lineup is winning share in real time.