Wells Fargo notes that following Nvidia’s (NVDA) 8K announcement last night, AMD (AMD) has filed an 8K this morning announcing that it too expects new U.S. Government license controls on GPU sales into China to impact the company’s MI308X. AMD says that while it expects to apply for licenses, there are no assurances that licenses will be granted. Therefore, the company is announcing that it expects to take up to an $800M inventory, purchase commitment, and related reserve charge, likely in Q2, says Wells. The firm has an Overweight rating on AMD with a price target of $140.
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