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Investing.com -- AMD’s 2025 Advancing AI event was met with tempered enthusiasm on Wall Street, with analysts highlighting a lack of major surprises and continued skepticism about near-term upside.
Bernstein described the event as “not bad but no huge surprises,” noting that while AMD (NASDAQ:AMD) provided new details on its GPU roadmap, including the MI350 (in production, available Q3), MI400 (2026), and MI500 (2027), “there were no new major GPU partners announced.”
The firm stated that the MI350 finally closes the raw performance gap with NVIDIA’s Blackwell, “albeit about a year late,” while the MI450 “should be closer to Rubin than AMD’s prior efforts,” assuming a smooth launch.
Bernstein also said that AMD’s “management [is] incrementally more bullish on the long term,” lifting its 2028 AI accelerator TAM view to “more than $500B.”
However, AMD didn’t provide updated near-term revenue guidance. The firm added, “Right now we would still rather own NVDA.”
Morgan Stanley (NYSE:MS) called the MI350 “evolutionary” and emphasized that the “focus remains on the rack scale MI400/450 product for next year, which could provide the bigger inflection — if they can deliver.”
Analysts also noted that “commentary was positive but not thesis changing,” with most customer enthusiasm still centered on earlier products or the upcoming MI400 series.
Morgan Stanley also highlighted that “AMD may not grow that much across their largest customers for MI350 series even off the much lower base,” suggesting possible share loss even as inference demand soars.
Despite gaining a foothold with major AI players, “MI400 may change the stakes, but is still something of a show-me story,” concluded the bank.
Both firms maintained neutral ratings on the stock.
