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- AMD (NASDAQ:AMD) shares soared nearly 8% on Monday after Piper Sandler said it expects a “snap back” in its GPU business.
- AMD’s client segment, which is its largest, is “starting to see some pull-ins,” suggesting there is improvement, analyst Harsh Kumar said in a note to clients.
- In addition, Kumar, which has a Buy rating on AMD, also upped his price target on the Dr. Lisa Su-led company to $140 from $125.
- Kumar’s comments come after AMD made several announcements last week, including showing off its MI350 series AI accelerators. The company also hinted at its upcoming MI400 AI accelerator.
- Several other semiconductor stocks rose in conjunction with AMD on Monday, including competitors Nvidia (NVDA), Intel (INTC), Broadcom (AVGO) and Marvell (MRVL).