Advanced Micro Devices NASDAQ:AMD is expected to outline new artificial intelligence products and potentially unveil additional customer partnerships at its Advancing AI event on July 22.
Jefferies said the event could feature updates on AMD's MI500 AI accelerator lineup, a broader addressable market for CPUs, and further details on its rack-scale AI roadmap. The firm added that customer announcements are likely to be the key focus for investors.
Jefferies maintained its Buy rating on AMD with a $615 price target.
The brokerage said recent channel checks suggest Microsoft (MSFT) may be using AMD's MI400-series platform, while expectations are also building around a possible partnership with Anthropic. Jefferies noted that any agreement with Anthropic would be evaluated on its commercial terms rather than the headline itself, adding that investors may look for evidence that AMD can expand its AI customer base without offering the same level of incentives used in earlier deals.
Jefferies also expects AMD to provide more information on the MI500 platform, including its scale-up architecture and optical interconnect strategy. The firm said confirmation of an optical networking approach and related suppliers could have implications for the broader AI infrastructure supply chain.