AI Chip Boom Fuels Surge in Nvidia Stock and Bullish Outlook for AMD and Micron
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Nvidia stock has surged over 200% in the past year due to high demand for its AI chips, but AMD and Micron also stand to benefit from AI adoption.
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AMD's new AI accelerators could generate $8B in revenue by 2024, far surpassing earlier estimates of $3-4B, according to KeyBanc Capital Markets.
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KeyBanc significantly raised its AMD price target to $195 based on strong demand signals for its AI chips, pointing to 47% upside.
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Micron is poised to capitalize on growing high-bandwidth memory demand driven by AI servers, with its HBM chips in 70% of Nvidia's upcoming B100 data center GPUs.
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KeyBanc boosted its Micron price target to $115, sees 95% upside over 2 years as revenue estimates continue rising on AI memory growth.