In a fresh analyst note, Bank of America has downgraded AMD’s shares to Neutral from Buy, cutting the firm’s share price target to $155 from an earlier $180. BofA’s adjustment is based on the belief that a broadening in the AI chip market will lead to greater demand for products from Marvel and Broadcom and limit AMD’s ability to gain market share. Excessive demand for NVIDIA’s GPUs, coupled with high prices, have spurred big tech companies to develop custom AI chips or seek to diversify their sources as they do not want to be left behind in building the infrastructure […]
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