AMD: Takeaways from Pre-Quiet Period Call

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AMD: Takeaways from Pre-Quiet Period Call

Semiconductors

ADVANCED MICRO DEVICES, INC. (AMD) June 15, 2026

AMD: Takeaways from Pre-Quiet Period Call Rating:

OutperformWe found management's tone to be quite constructive, and we think there is Price:

substantial room for upside to consensus for both CY26 and 27, due to a combination $511.57

of incremental CPU strength and the potential for additional GW-scale MI-450 Price Target:

$450customers. Importantly, AMD management appeared comfortable that they ordered

% Upside:

enough wafer supply to support very material growth in the server business this year (12.0)%

and next, and we got the sense that AMD's wafer allocation could support demand

well ahead of consensus as a result. Source: FactSet, Wolfe Research

Priced as of 06/12/26

With respect to the stock, while the stock has had a strong run (up 143% since the

start of April), we see a path to $25-30 earnings power ($14 base EPS driven by 1GW

each from OpenAI and META, plus $7 from agentic CPU demand and $3-4 from each

additional GW of MI-450 in excess of META / Open AI). That puts the stock under

20x that bull case EPS power, and the company does have a catalyst from their July

Chris Caso

analyst event. ccaso@wolferesearch.com

(646) 582-9360

Supply. AMD noted that supply of everything is tight. But the company is View Chris’s Research

continuing to get more wafers, and has the opportunity to shift wafers away from View AMD Model

PC / Gaming to datacenter going forward, should it be needed. AMD noted that the View Comp Table

company asked for much greater capacity from TSM over the last few years than Liz Pate

investors appreciate, with the company still feeling good about its overall supply lpate@wolferesearch.com (646) 582-9362

position in CY26/CY27.