Advanced Micro Devices Inc (NASDAQ:AMD) shares are trading higher Wednesday following a report suggesting Amazon.com Inc’s (NASDAQ:AMZN) cloud unit is considering using the company’s AI chips.
What To Know: An Amazon Web Services executive reportedly told Reuters the company is considering using AMD’s new AI chips.
“We’re still working together on where exactly that will land between AWS and AMD, but it’s something that our teams are working together on,” said Dave Brown, vice president of elastic compute cloud at Amazon.
The comments came as AMD held its “AMD Data Center and AI Technology Premiere” event Tuesday afternoon in which it showcased its growth strategy, product portfolio and capabilities for data center and AI.
AMD CEO Lisa Su suggested that the company had a flagship customer for its AI chip in multiple interviews, but did not reveal who it was.
Check This Out: AMD CEO Sees $150 Billion Future In AI, New Chip To Take On Nvidia
Following the event, multiple analysts lifted price targets on the stock.
- Raymond James analyst Srini Pajjuri maintained AMD with a Strong Buy and raised the price target from $110 to $145.
- Barclays analyst Blayne Curtis maintained AMD with an Overweight and raised the price target from $90 to $145.
- Wedbush analyst Matt Bryson reiterated AMD with an Outperform and maintained a $145 price target.
AMD Price Action: AMD shares were up 2.57% at $127.73 at the time of writing, according to Benzinga Pro.
Photo: courtesy of AMD.
