Wall Street just picked a new favorite in the AI chip race, and it isn’t the company most investors expect.

According to Investing.com, Cantor Fitzgerald analyst C.J. Muse raised his price target on Advanced Micro Devices (AMD) to $700 from $500 on June 29, keeping his Overweight rating. 

That makes it the highest AMD price target on Wall Street. Cantor now calls this stock its top pick in the computing sector, ranking it above both Nvidia(NVDA) and Broadcom (AVGO).

The timing stands out. AMD shares closed at a record $580.91 on June 30, capping a year-to-date gain of more than 150%. 

The very next session, the stock fell nearly 7% after reports surfaced that Meta Platforms (META) may…