AMD: Welcome To The $1 Trillion Club; $740 Could Be Next (Rating Upgrade)

Summary Advanced Micro Devices, Inc. has crossed the $1 trillion market-cap threshold as investors increasingly view it as a broader AI compute platform spanning CPUs, GPUs, networking and rack-scale systems. Meta’s Muse strengthens the case for agentic AI, where rising orchestration and inference workloads could increase demand for EPYC CPUs alongside Instinct accelerators. AMD’s Q2 results support the rerating, with revenue of $11.5B; Data Center revenue of $6.7B, +107% YoY; and non-GAAP EPS of $1.66. I upgrade AMD stock to Strong Buy with a $740 price target, based on FY2028 EPS of $20.27 and a 36.5x multiple, while acknowledging meaningful execution and valuation risks. Sergii Zyskо/iStock via Getty Images Look Who Finally Showed Up On Monday, September 21st, 2026, Advanced Micro Devices, Inc. ( AMD ) reached a market capitalization of over $1 trillion for the first time in its history. AMD stock rose close to This article was written by Agar Capital 5.67K Followers Follow I’m a Portfolio manager (flexible equity funds and private clients), fundamental equity research, macro and geopolitical strategy.Over 10 years across global markets, managing multi-asset strategies and equity portfolios at a European asset manager.I combine top-down macro, bottom-up stock selection and real-time positioning (Bloomberg, models, data).I focus on earnings, tech disruption, policy shifts and capital flows — to identify mispriced opportunities before the market.On Seeking Alpha I share high-conviction ideas, contrarian views and deep breakdowns of both growth and value names.For more insights: follow me on X @AgarCapital Analyst’s Disclosure: I/we have a beneficial long position in the shares of AMD either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.