William Stein’s Bold Warning: ’Nvidia Should Watch Out’ as AMD Stock Gets Major Upgrade

Tech analyst William Stein just dropped a bombshell upgrade that's sending shockwaves through the semiconductor sector.

The AMD Threat Emerges

Nvidia's dominance faces its most serious challenge yet as Stein's upgrade signals a fundamental shift in market dynamics. AMD's architecture improvements are finally hitting their stride—cutting into Nvidia's margins and bypassing previous technical limitations.

Market Dynamics Shift

Institutional money's already rotating toward the underdog story. Street analysts are scrambling to adjust targets while hedge funds place their bets on the coming chip war. Typical finance folks—always chasing yesterday's winners while missing tomorrow's momentum.

The AI Arms Race Accelerates

This isn't just about graphics cards anymore. The data center and AI processing markets are where the real battle lines are being drawn. AMD's positioning suggests they're not just competing—they're coming for the crown.

When analysts upgrade with this much conviction, it usually means someone's done their homework while everyone else was still reading last quarter's reports.

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That WOULD be Truist’s William Stein, who ranks in 3rd place amongst thousands of Wall Street stock pros and has now gone from AMD skeptic to believer. Stein just upgraded AMD from Hold (i.e., Neutral) to Buy and lifted his price target from $173 to $213, implying a 28% upside in the months ahead. (To watch Stein’s track record, click here)

For years, Stein’s framework has leaned heavily toward Nvidia’s dominance. Since upgrading Nvidia in 2017 and initiating AMD coverage in 2020, he consistently argued that the Datacenter AI semiconductor landscape – shaped by massive parallel compute architectures and the fusion of hardware with proprietary software – was skewed toward Nvidia. CUDA, Nvidia’s software ecosystem, gave the company a durable edge, while Broadcom offered an ASIC alternative for customers with the scale to design their own chips. In that context, Stein believed a second merchant vendor like AMD had little chance of building lasting share. However, Stein now sees cracks in that long-held view. He notes that hyperscale customers, who previously engaged AMD only to keep Nvidia’s pricing in check, are increasingly treating AMD as a genuine partner.

“Recently they have told us that hyperscale customers are working with AMD as a potential partner rather than simply as a ‘price check’ to NVDA,” the 5-star analyst explained. “This change in messaging from the field is the basis of our upgrade.”

If that sounds familiar, it’s because AMD has walked this road before. A decade ago, the company was virtually irrelevant in the Datacenter CPU market, holding less than 1% share and seen as little more than a bargaining chip against Intel. But Intel’s missteps in manufacturing and design created an opening, and AMD seized it with the launch of its Rome CPU in 2019. Since then, AMD’s server CPU share has climbed to ~21%. Stein is quick to caution that Nvidia is unlikely to stumble the way Intel did, but the parallel is clear as perceptions can shift quickly when customers see a viable alternative.

That raises the key question of how much Datacenter GPU share AMD can realistically win. Stein’s answer has shifted dramatically. From near-zero expectations, he now believes AMD’s ‘Rome’ moment in GPUs could arrive with the MI355, which began shipping in late June and is already shaping Q3 revenue expectations.

“We will continue to monitor feedback from contacts and from hyperscalers, but our new expectation is for AMD to establish 10% share over time,” Stein summed up.

With this upgrade, Stein joins 24 other bullish analysts on AMD, alongside 10 Holds. The consensus rating stands at Moderate Buy, and with an average price target of $183.45, the Street projects ~11% upside in the months ahead. (See)

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