The headline from Citi’s May 18 semiconductor note focused on Intel. The $130 price target on a stock that was trading near $107 was the number that traveled. But buried in the same note was a call on a different chipmaker that carries a disclosure most investors have not yet processed.

That disclosure, if it is validated at a scheduled event in July, changes the AI chip competitive picture in a specific and meaningful way.

Why Citi raised AMD target and kept its neutral rating

Citi analyst Atif Malik raised his price target on Advanced Micro Devices to $460 from $358, maintaining a neutral rating, according to TipRanks.

The note was published on May 18 alongside a simultaneous Intel target raise to $130 from $95,…