Can AMD stock continue its upward trajectory? While it is possible, much of the positive momentum is already priced in. AMD concluded Friday at $630.63—marking an increase of approximately 194% for the year—while the analyst outlook remains relatively flat. The average AMD stock price target sits at $618.51, which is slightly beneath current trading levels. However, strategist Tony Zhang presents a bullish perspective with a target of $750 by November, whereas the bear argument focuses primarily on valuation.
Will AMD Stock Keep Going Up? Bull Case, Bear Case And Target
Where AMD Stock Trades Right Now
According to Yahoo Finance, AMD finished Friday, Sept. 25, at $630.63 before slipping roughly 1.89% to about $618.69 during early Monday overnight trading. The shares have risen 194.47% since the start of the year, and second-quarter data center sales surged 107% to reach $6.7 billion. This raises the question of whether AMD stock will maintain its ascent or if the easiest gains have already been made.
What AMD Management Expects
During the August earnings call, CEO Lisa Su noted:
“We now expect data center segment revenue to more than double year-over-year in 2027.”
She further added:
“We do expect the overall data center business to be well over 100%.”
Additionally, AMD projected third-quarter revenue of approximately $13 billion, representing about 41% growth. Delivering on these goals is essential, as the 2027 AMD stock forecast relies heavily upon them.
Also Read: AMD Has Not Split Its Stock Since 2000: Is One Coming Now?
Intel’s CPU Shortage Could Help AMD
At Splunk’s conference in Denver, Intel CEO Lip-Bu Tan remarked:
“CPU demand is so high that we can only supply 50% of customers.”
Figures from Mercury Research show that AMD’s server CPU market share grew to 34.5% in the second quarter, up from 27.3% the previous year, with the company anticipating the server CPU market to reach $220 billion by 2030. For observers wondering if AMD stock will keep rising, a restricted CPU supply environment also creates greater pricing power.
The AMD Stock Bull Case And The $750 Target
As reported by 24/7 Wall St., Zhang’s $750 price target is tied to a 600/750 call spread, which functions as a wager on whether AMD stock can climb further prior to November.
His anticipated catalyst is an unconfirmed report of a 10% price hike on AI chips. Furthermore, the bullish perspective is supported by gigawatt-scale agreements with clients like OpenAI, Meta, and Anthropic.
Lisa Su commented:
“Customer pull for Helios is very strong and tracking ahead of our initial forecasts.”
For supporters, the response to whether AMD stock will keep advancing is affirmative, provided that customer demand remains strong.
The AMD Stock Bear Case
Skeptics highlight AMD’s beta of 2.48 and its heavy dependence on a select group of major artificial intelligence buyers. Highlighting industry conditions, Nvidia CFO Colette Kress stated:
“We expect to grow revenue by approximately 70% in fiscal 2028. This is a supply-constrained outlook.”
In contrast, bears raise a different concern: whether AMD can sustain its growth if hyperscalers decide to scale back their AI expenditures. Their conclusion is negative.
AMD Stock Forecast: What To Watch Now
The upcoming earnings report, anticipated for Nov. 3, will serve as a crucial test. Timely shipments of Helios would strengthen the outlook, reinforcing the perspective from 24/7 Wall St. that the $750 target might ultimately prove conservative. Conversely, the bearish scenario requires only a slowdown in orders from a single major client.
Therefore, will AMD continue its upward trend? Presently, it has the potential to do so, but only if the company successfully achieves its 2027 objectives.