Wall Street has spent much of 2026 debating whether AMD is an Nvidia alternative or a genuinely different bet. On Aug. 25, one of the Street’s higher-ranked chip analysts made his position clear.

AMD shares jumped roughly 4% on the day. The upgrade came with a specific argument about where server chip revenue is headed that goes well beyond the usual AI trade.

Raymond James upgrades AMD to Strong Buy, raises price target

Simon Leopold, Raymond James’ semiconductor analyst, upgraded AMD to Strong Buy from Outperform and raised his price target to $641 from $565 on Aug. 25, implying roughly 40% upside from AMD’s closing price that day, CNBC reported.

Leopold ranks 120th out of 12,496…