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$4 billion Piper Sandler names AMD as top-stock pick for end of 2024

$4 billion Piper Sandler names AMD as top-stock pick for end of 2024
Elmaz Sabovic

On June 20, Piper Sandler analysts have named Advanced Micro Devices (NASDAQ: AMD) stock their top large-cap pick for the second half of 2024. This decision follows positive feedback from discussions with the chipmaker’s management in Europe last week. 

The investment bank was particularly impressed with AMD’s strategy and competitive positioning, especially concerning the MI300 accelerator series, which is expected to generate over $4 billion this year.

Launch of new AI chips is poised to bolster AMD stock growth

AMD is set to launch several new artificial intelligence (AI) chips, including the MI325, later this year and the MI350 in 2025. 

The MI350 will feature next-generation HBM3E memory and incorporate CDNA4 and a 3nm process node, aiming to compete with Blackwell architecture. Looking further ahead, the MI400, slated for 2026, will compete with Rubin. 

Piper Sandler notes that AMD currently boasts more than 100 customers, including tech giants like Microsoft (NASDAQ: MSFT), Meta Platforms (NASDAQ: META), and Oracle (NYSE: ORCL). 

“We are making AMD a top pick in the large-cap space as the company currently has 100+ customers in the AI accelerator space, with most of them ramping in 2H,” they added.

Notably, AMD successfully ran ChatGPT‘s latest model with a trillion parameters, highlighting its capabilities in AI processing and strengthening this chipmaker’s future prospects.

Servers and PC business as another form of income for AMD

In addition to its advancements in AI chips, AMD is expected to see positive developments in its server and PC businesses. Piper Sandler analysts highlight that these sectors are experiencing favorable tailwinds, and with hitting bottom in the June quarter, AMD is poised for a strong performance in the latter half of the year. 

The firm also notes an anticipated improvement in GPU supply to meet high demand. 

Furthermore, Piper Sandler points out that AMD’s valuation appears attractive compared to its peers in the computing space, reinforcing their confidence in the company’s prospects.

As a result, AMD is a top stock pick in the large-cap space, with over 100 customers in the AI accelerator segment ramping up in the second half of the year.

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