Advanced Micro Devices reported second-quarter results that beat expectations with adjusted earnings of $1.66 per share and revenue of $11.54 billion, yet the stock fell 8% in premarket trading. The stock has surged approximately 198% over the past year driven by AI chip demand, positioning AMD as a rival to Nvidia. Wall Street analysts remain bullish, with Wells Fargo raising its price target to $700, implying 35% upside from Tuesday’s close. The bank forecasts earnings exceeding $14 per share by 2027.
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