The AI trade has spent two years being almost entirely about GPUs.
Nvidia dominates that conversation, and most of Wall Street has been happy to let it
Tom O’Malley at Barclays just said that framing may be missing the next big move in semiconductors. His argument centers on a single shift in how AI workloads are evolving , and it points directly at AMD. What Barclays changed and what O’Malley is seeing Tom O’Malley, a five-star analyst at Barclays ranked in the top 1% of all Wall Street stock experts, raised his price target on Advanced Micro Devices (AMD) to $665 from $500 on June 1, maintaining his Overweight rating, according to TipRanks.
O’Malley has a 74% success rate and an average return of 105.6% over the past two years. The raise implies approximately 29% upside from AMD’s price of around $516 at the time of the note. AMD has already tripled over the past twelve months and gained 109% year-to-date, yet O’Malley believes the market is still not fully pricing in what agentic AI means for CPU demand.