12 AI Stocks Making Waves on Wall Street Today

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

Number of Hedge Fund Holders: 96

Advanced Micro Devices, Inc. (NASDAQ:AMD) develops and sells semiconductors, processors, and GPUs for data centers, gaming, AI, and embedded applications. One of the most notable analyst calls on Tuesday, May 20, was for Advanced Micro Devices, Inc. Wells Fargo analyst Aaron Rakers reiterated an “Overweight” rating on the stock with a $120.00 price target.

The rating update highlights AMD’s recent sale of ZT Systems’ manufacturing operations to Sanmina for approximately $3.0 billion. The sale has been slightly below the firm’s expectations of $3.5 billion. Meanwhile, AMD had bought ZT Systems earlier this year for about $4.6 billion. AMD has also entered into a strategic partnership with Sanmina to support new product introductions related to AMD’s cloud rack and cluster-scale AI solutions.

The company is particularly focusing on rack-scale offerings with the Instinct MI400-series GPUs, which are expected to arrive in the second half of 2026. According to industry reports, the company may unveil an MI450 IF128 cluster, enabling communication at rates greater than 1.8TB/s unidirectional bandwidth per GPU package. More information is awaited at the upcoming AI event on June 12. The analyst also highlighted Nvidia’s recent NVLink Fusion launch, an innovation that tends to open up the NVLink ecosystem for integration with hyperscale semi-custom silicon and CPUs.

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