AMD's AI Sales Set to Overtake Server CPUs, William Blair Says Renato Neves, CFA Thu, November 12, 2026 at 6:18 AM EST 1 min read AMD +2.46% NVDA -7.33% INTC -2.83% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
William Blair upgraded Advanced Micro Devices Inc. (NASDAQ:AMD) to Outperform from Market Perform, saying all four factors behind the neutral rating it set at its July initiation have since moved in AMD's favor. AMD shares were up 4.29% in premarket.
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Intel Corp.'s (NASDAQ:INTC) Xeon roadmap is still running into delays and supply shortages, the firm said, and the shift to Arm-based server hosts has been less decisive than expected. AMD's valuation multiple has come down as estimates rose and now sits roughly in line with its three-year forward median. William Blair also pointed to increased scrutiny of Nvidia Corp. (NASDAQ:NVDA) and a potential leadership vacuum there.
The firm expects AMD's data center AI revenue to overtake its server CPU franchise in the fourth quarter, with its Helios rack-scale system ramping through 2027. It sees AMD on track for more than 80% revenue growth next year, more than double the company's long-term model. The main risk is custom chips competing with AMD's Instinct accelerators, especially at Meta Platforms Inc. (NASDAQ:META) and OpenAI, though William Blair sees those custom programs as a chance to sell more CPUs alongside them.
