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AMD Stock Jumps on CEO Lisa Su’s Plans to Meet with Samsung and Naver
Advanced Micro Devices AMD +1.51% ▲ stock was on the rise Wednesday alongside news that CEO Lisa Su will travel to South Korea for the first time to negotiate partnerships with Samsung SSNLF +54.05% ▲ and Naver (NHNCF). Su is set to start her trip in South Korea on March 18 and intends to meet with the CEOs of Samsung and Naver during her trip.
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A key focus of Su’s first trip to South Korea will be expanding partnerships with Samsung for additional memory needed for AMD’s AI GPUs. This is an incredibly important topic for AMD, as supply chains for memory have been stressed by the AI boom. In order to keep up with the demand for its AI GPUs, AMD needs to secure additional memory for its chips.
As for Naver, AMD wants to work with the company to reduce the data center operator’s reliance on Nvidia NVDA +0.95% ▲ . While Nvidia currently dominates the AI market, Naver will weigh options with AMD to create resources that allow the industry to shift away from Nvidia. This could be a huge win for AMD as it could expand the company’s AI data center market share.
How This Affects AMD Stock Today
AMD stock was up 1.68% alongside the news of new negotiations set for this month. That boost was needed, as the stock has fallen 3.56% year-to-date. However, traders will note that the shares were still up 101.64% over the past 12 months.
Is AMD Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for AMD is Moderate Buy, based on 23 Buy and eight Hold ratings over the past three months. With that comes an average AMD stock price target of $286.04, representing a potential 38.75% upside for the shares.
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