RBC Capital initiated coverage of AMD (AMD) with a Sector Perform rating and $230 price target OpenAI deal establishes AMD as a credible GPU supplier for hyperscale projects, but while its management appears to have high level of conviction in initial 1GW ramps, the firm believes that the stock’s valuation largely reflects a reasonable ramp, the analyst tells investors in a research note. RBC adds that it does not see many immediate catalysts until MI450 ramps for OpenAI in Q4.
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