AMD Stock Gets A Price Target Hike With Anthropic-Akamai Deal Strengthening CPU Case In Agentic AI, BofA Says

BofA said the Anthropic-Akamai infrastructure deal “further supports CPU importance in the agentic era.”

• BofA said it expects the server CPU market to expand from $61 billion in 2026 to $211 billion by 2030.
• The firm also raised its AMD estimates for calendar 2027 and 2028 by 2% and 3%, respectively.
• The price target follows AMD shares reaching a record high above $629 on Thursday and crossing a $1 trillion market capitalization earlier this week.

Advanced Micro Devices (AMD) shares gained in early morning trade on Friday, on track to hit a fresh record high, after the Bank of America (BofA) hiked its price target on the stock by $100, stating that the Anthropic-Akamai (AKAM) CPU infrastructure deal "further supports CPU importance in the agentic era.”

AMD stock gained as much as 1.8% in pre-market trade, after hitting a record high of over $629 in the previous session, and was among the top trending tickers on Stocktwits at the time of writing. 

Retail sentiment around the shares shifted to ‘extremely bullish’ from ‘bullish’ territory over the past day, accompanied by chatter at ‘high’ levels. 

Meanwhile, AKAM stock jumped nearly 20% in pre-market trade after landing its $11.6 billion AI cloud deal with Anthropic and was also among the top trending tickers on Stocktwits at the time of writing. 

Retail sentiment around AKAM improved to ‘extremely bullish’ from ‘bullish’ territory over the past day, and chatter rose to ‘extremely high’ from ‘high’ levels. 

BofA Sees Bigger CPU Opportunity From Agentic AI

BofA raised its price target on AMD to $720 from $620 and kept a ‘Buy’ rating on the shares. The firm expects agentic AI workloads to require more compute across the broader system, creating an opportunity for server CPUs alongside accelerators.

It estimated that the server CPU total addressable market is set to grow from $61 billion in 2026 to $211 billion by 2030. The firm also raised its calendar 2027 and 2028 estimates for AMD by 2% and 3%, respectively.

AMD Joins $1 Trillion Club

AMD’s 12-month average price target stands at $618.51, according to Koyfin data, implying 1.7% downside from Thursday’s close. Of the 55 analysts covering the stock, 44 rated it a ‘Buy’ or ‘Strong Buy’, while 11 recommended ‘Hold’.

AMD’s market capitalization crossed $1 trillion earlier this week as chip stocks extended their weekly rally. The broader push toward AI agents is also creating expectations for stronger CPU demand.

Meta’s Muse AI agent is one example of that shift, with increasingly sophisticated AI systems requiring compute across the broader infrastructure stack. That dynamic could benefit CPU makers such as AMD, while also supporting interest in Intel (INTC) and Arm Holdings (ARM).

AMD stock has jumped over 193% year-to-date and gained nearly 300% in the last 12 months. 

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