10 AI Stocks Analysts are Tracking Closely

6. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Number of Hedge Fund Holders: 115

Advanced Micro Devices, Inc. (NASDAQ:AMD) is one of the 10 AI Stocks Analysts are Tracking Closely. On December 2, TD Cowen reiterated a “Buy” rating on the stock with a $290 price target. Firm analyst believes AMD is an AI winner, with the Helios launch marking a key AI inflection point.

TD Cowen has picked AMD as one of its Best Ideas of 2026, highlighting how Helios is going to fire up AMD’s AI business. The “Helios” AI rack-scale architecture is an open, integrated platform for scalable, high-performance AI infrastructure.

Even though there are concerns existing around a volatile AI spending environment, analysts believe that AI compute spending will remain durable with AMD establishing itself as a winner.

The recent pullback in shares is therefore an attractive entry point with compelling value ahead of the Helios launch.

“Given the recent sell-off and what we see as excess scrutiny versus peers, we see an attractive entry point. No doubt it’ll be a noisy year in AI, and as AMD ramps its first rack-scale solution, but at <10× our 2030E EPS, we see compelling value ahead of the Helios launch.”

The investor note highlighted how AMD’s hardware roadmap, steady progress in ROCm software ecosystem, and particularly customer wins, have reinforced confidence in the company’s ability to create and capture value in the AI compute market.

“Against a very large TAM, we believe the Helios rack and MI450 will mark a key inflection in AMD’s story beginning in mid-2026. We think investors should own the stock ahead of the ramp, as we model 4Q26 EPS inflecting to a >$10 run-rate, or up ~2× YoY and QoQ.”*

Advanced Micro Devices, Inc. (NASDAQ:AMD) develops and sells semiconductors, processors, and GPUs for data centers, gaming, AI, and embedded applications.