Advanced Micro Devices (AMD) stock was down on Wednesday after the first benchmark for the upcoming Ryzen AI MAX+ 392 processor appeared on a benchmark test. The latest benchmark test was impressive, with the Ryzen AI MAX+ 392 scoring 2,917 points on the single-core test and scoring 18,071 points in the multi-core test.
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Those scores are impressive when investors consider the target audience of the Ryzen AI MAX+ 392 processor. This new chip is designed for use in mobile applications, such as gaming laptops. It also comes integrated with AMD’s Radeon 8060S GPUs, allowing it to offer respectable gaming performance on a budget.
AMD’s ability to present gaming devices for a fair price is important in the current artificial intelligence (AI) landscape. The demand created by the AI boom has caused the price of computer components such as GPUs and RAM to soar. This has made it difficult for gamers to acquire devices at a decent price, which means AMD can reach that audience with its budget offerings, allowing it to tap a growing market as inflation continues to weigh on personal spending.
AMD Stock Movement Today
AMD stock was down 1.86% on Wednesday but was still up 1.26% year-to-date. The stock has also rallied 84.2% over the past 12 months, largely due to the increased demand for its server components during the AI boom.
AMD stock has also won the praise of analysts recently, including an upgrade to a Buy rating from five-star KeyBanc analyst John Vinh. The analyst also set a price target of $270 for AMD stock, suggesting a 24.88% possible upside.
Is AMD Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for AMD is Strong Buy, based on 26 Buy and eight Hold ratings over the past three months. With that comes an average AMD stock price target of $284.23, representing a potential 31.73% upside for the shares.
