AMD (AMD) shares had dipped 4% by late morning market action on Friday, possibly due to a report from SemiAnalysis that said the chipmaker might suffer from production delays in its next-generation MI450-series artificial intelligence accelerators.
However, Wells Fargo issued a note with high confidence that AMD’s MI450 was, in fact, not facing any delays, and they expect it to begin ramping up during the second half of 2026.
“Our checks suggest AMD’s progression on TSMC’s N2 (2nm) process is on track (already taped-out; Venice EPYC samples have shipped — same process node used in MI450-series),” said Wells Fargo analysts, led by Aaron Rakers. “We expect AMD to reaffirm its confidence in MI450-series ramp commencing in 2H26 [reiterate volume weighted toward 4Q26 w/ OpenAl (OPENAI), Oracle (ORCL), & others].”
Wells Fargo reiterated its Overweight rating and $345 price target on AMD.
AMD is slated to report its fourth-quarter financial results and 2026 guidance post-market on Tuesday, Feb. 3. A consensus estimate expects AMD to report adjusted earnings per share of $1.32 and GAAP EPS of $0.83 on revenue of $9.67B, which would represent a 26% year-over-year increase.