Advanced Micro Devices Inc

Bank of America reiterated a Buy rating on Advanced Micro Devices and raised its price target to $720 from $620, citing the company's opportunity to capture a larger share of the rapidly expanding server CPU market. The firm expects the server market to grow from approximately $61 billion to $211 billion by 2030, with roughly $180 billion of that total tied to AI workloads, and sees agentic AI boosting demand for CPUs that coordinate workloads and manage data alongside GPUs. AMD's data center revenue rose 107% in the second quarter to $6.72 billion, driven by EPYC server CPUs and Instinct GPUs, while client business revenue climbed 23% year over year to $3.1 billion on Ryzen demand. The stock has gained more than 180% in 2026 and trades at a forward price-to-earnings multiple of 39X, roughly double Nvidia's 19X, though AMD's gross margin of 54% trails Nvidia's roughly 75%. Hedge fund participation increased to 164 funds holding AMD as of the second quarter, up from 134 in the first quarter, while short interest stood at approximately 39.98 million shares as of September 15, about 2.46% of the float.

Onsemi announced a new agreement to acquire Synaptics for $123 a share in cash, revising the all-stock deal disclosed in June after an unsolicited competing proposal. Advanced Micro Devices said it would acquire World Labs, an AI model and research lab, in an all-stock transaction valued at nearly $8.2 billion. Hormel Foods agreed to acquire Brakebush Brothers, a value-added chicken provider, from the Brakebush family for approximately $1.055B, with the deal expected to close in the first quarter of fiscal 2027. Lynas Rare Earths agreed to acquire Australian peer Meteoric Resources in an all-stock deal valued at A$968M, or $672M. Mattel soared 19% after a report that the toymaker has recently received takeover interest from Authentic Brands, while Walgreens private-equity owner Sycamore is near a deal to sell the U.K. pharmacy chain Boots for close to $9 billion, including debt.

Nvidia said its board increased its share buyback program by $150 billion, leaving $235 billion in total authorization, the largest buyback program in U.S. history according to data compiled by Bloomberg. Advanced Micro Devices said it would acquire AI model and research lab World Labs in an all-stock transaction valued at nearly $8.2 billion, a deal Citi analyst Atif Malik said gives the company deeper visibility into how AI models are evolving, while RBC analyst Srini Pajjuri said it could help position AMD to offer full-stack solutions for robotics, simulation and physical AI markets. Micron Technology reported fourth-quarter results and an outlook that beat expectations as its strategic customer agreements continued to increase, and Accenture reported fiscal quarterly results that exceeded expectations on both revenue and bookings, sending its shares up nearly 16% on Thursday. HPE closed nearly 4% higher after saying it won a $1.2 billion order of AMD's Helios AI rack from cloud infrastructure company Vultr, and raised its fiscal 2027 networking growth outlook to the high-teens to low-20s on a percentage basis, with data center networking revenue expected to grow at a low-to-high 50s percent compound annual rate through fiscal 2029. Anthropic intends to launch its initial public offering before the Thanksgiving holiday, according to Bloomberg, which also reported that Broadcom's Wall Street syndicate is starting to gather $60 billion of fresh AI chip financing to benefit Anthropic PBC and other companies, while Meta Platforms is adding a new Meta Enterprise Platform for organizations, tapping MongoDB CEO Chirantan Desai to lead it, and introduced Muse for Small Business.

Hewlett Packard Enterprise raised its fiscal 2027 networking revenue growth forecast to between high-teens and low-20s percent, up from the 14% to 17% projection it gave earlier in September, and secured a $1.2 billion order from cloud infrastructure provider Vultr for AMD-based artificial intelligence server racks paired with Juniper networking switches. The company also lifted its annual cost-synergy target from the Juniper Networks acquisition to $800 million by the end of fiscal 2028, up from at least $600 million, and projected Data Center Networking revenue to grow at a low-to-high 50s percent compound annual rate through fiscal 2029. Following the networking investor day presentation, Citigroup raised its price target on the stock to $92 from $76 while keeping a Buy rating, citing confidence in durable demand and expanding AI infrastructure orders. A cooler-than-expected U.S. jobs report added secondary momentum, with the Bureau of Labor Statistics reporting that employers added 29,000 nonfarm payroll jobs in September, trailing the 84,000 consensus estimate from economists polled by Dow Jones. HPE shares jumped 7.8% in the afternoon session and are up 189% since the beginning of the year, reaching a new 52-week high of $69.77 per share.

Celestica Inc. reported second-quarter revenue growth of 62% year over year and an 83% rise in adjusted EPS, then raised its 2026 outlook and said revenue growth should accelerate again in 2027. The company expects its 1.6T networking programs to ramp significantly in 2027, is preparing to deliver custom racks for OpenAI, and expects its AMD Helios opportunity to ramp in the first half of next year, with management describing both as multibillion-dollar opportunities. Celestica trades at about 18.5 times forward earnings while consensus calls for roughly 75% EPS growth next year, though three customers accounted for 32%, 17% and 14% of Q2 revenue and roughly $1 billion of capital expenditures is planned for 2026. Hedge fund interest weakened slightly in the second quarter, with the number of funds holding the stock falling from 67 in Q1 to 63 in Q2 while the total value of their positions rose from approximately $4.38 billion to $4.84 billion. Management says customers are already discussing requirements for 2027, 2028 and even 2029, making the upcoming October 27 investor day particularly important.

AMD announced on September 28, 2026 that it will acquire World Labs, the spatial intelligence startup founded by ImageNet pioneer Fei-Fei Li, for $8.2 billion in an all-stock transaction — the second-largest acquisition in AMD's history, trailing only its roughly $50 billion purchase of Xilinx in 2022. Li will join AMD as executive vice president and chief scientist, reporting directly to CEO Lisa Su. World Labs, founded in 2024, develops spatial intelligence models that perceive, generate, and reason about three-dimensional environments, including the Marble 3D environment tool, the Atlas world model, and the Spark 2.0 renderer, and had raised approximately $1 billion from investors including Andreessen Horowitz before the deal. The acquisition extends AMD's stack-building strategy, following ZT Systems for $4.9 billion, Silo AI for $665 million, and Pensando for $1.9 billion, and places it in direct competition with NVIDIA's Cosmos, Isaac, GR00T, and Newton physical AI ecosystem. The deal is expected to close by end of 2026, subject to regulatory approval, and Anthropic's compute corridor map already includes a $5 billion commitment to AMD's Instinct MI450 capacity starting in the first half of 2027.

BofA semiconductor analyst Vivek Arya raised his estimate for the AI data center systems addressable market to $2.2 trillion at a 40% annual pace for CY26-30, up from a prior $1.8 trillion at 33%. Arya said the virtuous flywheel of agentic tool adoption by consumers and enterprises, competition between public and private AI labs, and limited chip supply will likely keep AI spending robust for the next several years, adding that any pacing or addition of safety guardrails to frontier models is likely to increase rather than reduce compute requirements. He named Nvidia, Intel, Micron, Marvell and Lam Research as top picks with near-term catalysts, citing enhanced buybacks and multiple GTC tradeshow events for Nvidia, agentic CPU strength and foundry win anticipation for Intel, the start of buybacks from December 9 for Micron, an Analyst Day on October 6 and an XPU ramp for Marvell, and share gain potential across memory and logic for Lam Research. Arya said he also continues to like AMD, Applied Materials, Analog Devices and On Semiconductor, and is staying watchful on Broadcom, which he rates Buy on compelling valuation with potential for enhanced buybacks when the company reports fiscal fourth-quarter results in December. He noted that the SOX is trading at a 21x forward PE, 12% below its 24x median multiple since the onset of ChatGPT and well below 40%-plus projected EPS growth potential, and that the fourth and first calendar quarters have historically been the two best seasonal quarters to own chip stocks, with 300-500 basis points of median outperformance versus the S&P 500 from 2010 to 2025.

Digital Realty announced that Blackfuel has selected its BCN1 data center in Barcelona as the foundation for deploying and scaling its AI inference platform. The multi-megawatt deployment is built on liquid-cooled Dell Technologies AI Factory infrastructure and AMD GPUs, and integrates Blackfuel's inference platform with ServiceFabric, Digital Realty's software-defined interconnection platform. Delivered through private connectivity, ServiceFabric provides a low-latency, low-jitter network path that can reduce Time-to-First-Token by 50 milliseconds, shortening overall task completion time by 1 to 2.5 seconds for agentic workflows requiring 20 to 50 sequential inference API calls compared with public internet connectivity. ServiceFabric extends across more than 800 Digital Realty and third-party data centers worldwide, giving Blackfuel a global connectivity fabric to scale AI services beyond Barcelona. Chris Sharp, Chief Technology Officer of Digital Realty, said the next phase of AI will be measured in useful tokens per megawatt, and Barcelona is the first proof point.

U.S. President Donald Trump revealed that he co-signed an agreement on artificial intelligence with executives of leading technology companies following a luncheon at the White House, stating that the agreement is morally binding, amid growing calls to slow AI development over safety concerns. He also disclosed that the government is considering establishing a 10-member committee to oversee the AI industry and plans to appoint a new senior official in charge of AI policy, or AI Czar, within the next 3 to 4 days. Mike Johnson, Speaker of the U.S. House of Representatives, who co-hosted the event, explained that the agreement takes the form of a statement of principles that the industry voluntarily follows, with the White House playing a role in setting the direction of technology development going forward. Trump confirmed that the government will not order a halt to AI development and will prioritize industry self-regulation alongside oversight mechanisms through existing government agencies such as the Department of Justice and the Federal Bureau of Investigation. The move comes as concerns about rapid AI development intensify in both Washington and Silicon Valley, following an increase in cyberattacks carried out by AI agents, and in the same week that OpenAI announced it was delaying the launch of its latest model, GPT-6.1 Astra, due to safety concerns. Among those calling for a slowdown in AI development are Dario Amodei, CEO of Anthropic, and Sam Altman, CEO of OpenAI, while Lisa Su, CEO of AMD, said after leaving the White House that the meeting gave her a great deal of confidence, and Alex Karp, CEO of Palantir, told CNBC before attending the event that the most important issue is that all parties must be accountable for the dangers of technology they already know about.

Advanced Micro Devices agreed to acquire AI research company World Labs for approximately $8.2 billion, while Nvidia recently announced a $12.93 billion deal for open-source AI platform Hugging Face, as the two chip giants expand beyond AI chips. AMD's all-stock acquisition of World Labs is expected to close by the end of 2026 and will bring AI researcher Fei-Fei Li to the company as executive vice president and chief scientist; World Labs specializes in spatial-intelligence models that generate, reconstruct, and simulate interactive 3D environments from text, images, and video, with expertise extending into robotic learning and simulation. Nvidia's planned acquisition of Hugging Face is expected to close during the first half of 2027, and Hugging Face's platform counts more than 18 million developers, over 3 million models, 500,000 datasets, and 1 million applications, with more than 200,000 companies using it to discover, customize, and deploy AI models. On growth, AMD's second-quarter revenue surged 50% year over year to $11.5 billion while Data Center sales more than doubled to $6.7 billion, and management expects roughly $13 billion in Q3 revenue, about 41% year-over-year growth at the midpoint; Nvidia's fiscal Q2 revenue soared 106% to $96.2 billion, driven by a 117% increase in Data Center revenue to $89 billion, with Q3 revenue guidance of approximately $108 billion, reflecting 89% growth from the prior-year period. Despite Nvidia's larger AI footprint, NVDA trades at 24X forward earnings while AMD trades over 90X forward earnings, and Nvidia stock currently sports a Zacks Rank #1 (Strong Buy) versus a Zacks Rank #3 (Hold) for AMD.

A leaked Anthropic IPO prospectus reported by Reuters shows the AI company lost $41.97 billion last year, according to Yahoo Finance Executive Editor Brian Sozzi. The filing, which Anthropic has not commented on, also reportedly warns in its risk factors section that its technology poses an existential risk to humanity, a disclosure Sozzi called unprecedented for a company potentially heading toward a $2 trillion valuation. Yorkville Ives senior managing director Dan Ives said the leak may serve as a trial balloon and that Anthropic going public would be bullish for the broader tech trade by adding transparency, though he acknowledged the safety-versus-growth tug of war. Separately, AMD agreed to acquire World Labs for $8.2 billion, bringing AI pioneer Fei-Fei Lee in as chief scientist reporting to CEO Lisa Su, and AMD crossed the $1 trillion market cap mark for the first time. Sozzi also noted that health tracker Oura pulled its IPO indefinitely, and that Salesforce's Marc Benioff, an early Anthropic investor, could see roughly $10 billion in unrealized gains from his stake if the $2 trillion valuation holds.

A leaked Anthropic IPO prospectus reported by Reuters shows the AI company lost $41.97 billion last year as it prepares for a potential public listing at a valuation of roughly $2 trillion. The leak, which Yahoo Finance's Brian Sozzi said he had never seen for a company of this importance, is viewed as a possible trial balloon for the offering. The Financial Times also reviewed the prospectus and reported that its risk factors section warns Anthropic's technology poses an existential risk to humanity. Separately, AMD agreed to acquire World Labs for $8.2 billion, bringing AI pioneer Fei-Fei Li in as chief scientist reporting to CEO Lisa Su. Dan Ives of Yorkville Ives said Anthropic sits at the center of the AI revolution trade and that its going public would be bullish for the broader tech sector, though he acknowledged the unprecedented nature of the risk disclosure.

Anthropic, the U.S. AI developer, is set to spend at least $518 billion over 10 years building AI infrastructure in partnership with six companies, according to a confidential IPO prospectus reviewed by Reuters. It ranks among the largest AI infrastructure investment plans ever. According to the prospectus, about 80% of that amount is either non-cancellable or payable regardless of usage. Under long-term infrastructure service contracts spanning the next 7 to 10 years, the company plans to pay at least $111.1 billion to Google, part of Alphabet, $110 billion to Amazon, and $31.4 billion to Microsoft, regardless of usage. Separately, it carries about $161.2 billion in equipment lease debt tied to Broadcom. In a contract with Elon Musk's xAI, it may spend up to $84.5 billion by 2029 to secure computing capacity using Nvidia products, while AMD has committed to buy up to $5 billion worth of Anthropic shares and to supply AI computing capacity expected to exceed $20 billion. Anthropic's total spending rivals OpenAI's $500 billion AI infrastructure plan, Stargate.

Taiwan Semiconductor Manufacturing is expanding 2-nanometer production faster than previously expected as major customers increase their commitments to the new technology. The company could reach monthly 2nm output of about 120,000 wafers by the end of 2026, compared with earlier estimates of 90,000 to 100,000, according to Taiwan's EDN. Apple, Nvidia, Advanced Micro Devices, Qualcomm and MediaTek are reportedly lifting 2nm orders by 10% to 20%, giving TSMC additional visibility as customers prepare next-generation processors and AI accelerators. In the second quarter, 2nm represented 3% of TSMC's wafer revenue, while technologies at 7nm and below accounted for 77%, and high-performance computing made up 66% of revenue, up from 60% a year earlier. TSMC has projected 2026 2nm capacity growth as it ramps multiple facilities in Taiwan.

Volato Group's Alignment Engine subsidiary has entered into two four-year, take-or-pay orders with a large AI customer representing $1.17 billion in aggregate contract value, marking Alignment Engine's first major customer commitment for its AI infrastructure platform. The orders cover phased deployment of dedicated AMD GPU infrastructure at Alignment Engine's Ohio AI infrastructure campus, with the initial deployment using AMD MI355X GPUs and a contractual start date of December 31, 2026, and a second deployment using AMD MI455X GPUs starting June 30, 2027. The customer has committed to approximately $133 million in contractual prepayments, including approximately $40 million due following execution of the initial order, with the remaining prepayments scheduled in stages based on specified dates and equipment shipment milestones. The deployments will operate as dedicated, single-tenant GPU clusters, and the remaining contract value is payable over the four-year terms on a take-or-pay basis. Volato Chief Executive Officer Chris Ensey called the orders a transformational commercial milestone, and Chief Financial Officer Mark Heinen said they demonstrate a model of building infrastructure against long-term contracted demand and meaningful customer cash commitments.

Advanced Micro Devices crossed the $1 trillion market-capitalization threshold for the first time, with shares rising 9.6% to a record $613.31 on September 21. Reuters attributed the rally to stronger investor confidence in AMD's expanding role in AI computing, including its move beyond individual chips toward complete AI systems, and noted the company slightly missed investor revenue expectations in its latest quarter, making the milestone more reflective of future AI growth than recent results. AMD shares have gained 185% in 2026, far outpacing the Nasdaq's 15.8% rise. In the second quarter of 2026, AMD's Data Center revenue reached $6.7 billion, up 107% year over year, while Data Center operating income rose to $2.1 billion from an operating loss of $155 million a year earlier, driven primarily by demand for EPYC processors and Instinct MI350 GPUs. The company disclosed multi-year agreements with OpenAI and Meta, with each intending to deploy up to 6 gigawatts of AMD data-center GPUs, initially using MI450 products, and generated $5.3 billion in operating cash flow during the first half of 2026, compared with $2.4 billion in the comparable period, while gross margin reached 54% in the second quarter, up from 40% a year earlier.

U.S. stocks advanced this week as investors weighed geopolitical developments, with the Dow adding 0.28%, the S&P 500 gaining 1.21%, and the Nasdaq Composite climbing 2.06%. AMD became the latest chipmaker to cross the $1 trillion mark in valuation on Monday, following Nvidia, Broadcom, and Micron. Novo Nordisk shares fell after its Capital Markets Day in London, where it unveiled 2030 growth targets including a $23 billion obesity sales target and plans to launch more than five multi-blockbusters by 2030. Paramount Skydance, the Writers Guild of America, and twelve attorneys general agreed on terms enabling the entertainment conglomerate to complete its $111 billion acquisition of Warner Bros. Discovery, with Paramount agreeing to keep its headquarters in California among other concessions. Costco delivered a better-than-expected quarter, with total revenue rising 12% to $95.72 billion, beating estimates by $830 million, and profit of $6.75 per share, 5 cents above expectations, while U.S. comparable sales rose 7.2% on an adjusted basis. McDonald's committed roughly $8.5 billion at its investor day to help franchisees modernize restaurants, targeting operating margins in the low-to-mid 50% range by 2030.

Advanced Micro Devices announced a collaboration with Advantech to accelerate Edge AI workloads using AMD embedded and GPU platforms, while MindWalk has moved OpenFold3 into production on AMD Instinct GPUs. The Advantech alliance focuses on scalable, partner-led Edge AI solutions, with Advantech's WEDA ecosystem putting AMD Ryzen AI Embedded processors into pre-validated edge platforms that can be rolled out across industrial fleets. MindWalk's OpenFold3 work on Instinct MI325X GPUs reaches into life sciences prediction workloads, supported by inference microservices for regulated, production-grade scientific use cases. The company said the announcements line up with its existing narrative of expanding AI infrastructure across accelerators, software and full systems, and that MindWalk's validation of AMD Inference Microservices and the Kubernetes native path into regulated production supports the view that ROCm and related tooling can lower switching costs for third party models. AMD investors are watching how many additional production case studies using AMD Instinct GPUs and inference microservices appear through 2027 across sectors like life sciences, security and edge industrial systems.

Penguin Solutions and onsemi shares surged in the afternoon session as investors extended a multi-day rally driven by rising compute demand for agentic artificial intelligence following the rollout of Meta Platforms' Muse agent. Meta wrote on its research blog that each Muse agent operates inside a dedicated cloud virtual machine with persistent central processing unit and memory resources to manage operating systems, compile code, and coordinate subagents, expanding infrastructure demand beyond graphics accelerators to general-purpose server processors. Intel Chief Executive Lip-Bu Tan said the company can currently meet only about 50% of customer demand, according to Barron's, while Bank of America raised its AMD price target to $720 from $620, projecting agentic workloads will broaden compute needs across server processors. Separately, President Donald Trump announced a productive summit with Chinese President Xi Jinping, with high-level talks spotlighting artificial intelligence, according to Bloomberg. Processors and Graphics Chips company Penguin Solutions jumped 5.3%, and Analog Semiconductors company onsemi jumped 5.9%.

Bank of America raised its price target on Advanced Micro Devices to $720 from $620 while keeping a Buy rating, sending AMD shares up 0.5% Friday. Analyst Vivek Arya cited a more favorable outlook for server processor demand, pointing to a recent CPU agreement between Anthropic and Akamai as support for the role of server processors as artificial intelligence applications spread. The revised target sits above the $648.07 Wall Street consensus and implies about 2.41% potential upside. Arya estimates the server CPU market could expand from $61 billion in 2026 to $211 billion by 2030, and he raised his AMD estimates by 2% for 2027 and 3% for 2028.

NVIDIA ended the second quarter of fiscal 2027 with $279 billion in supply and capacity commitments, up from $119 billion in the first quarter, with most tied to memory and manufacturing facilities for current and future data center products. The company reported $96.22 billion in second-quarter fiscal 2027 revenues, up 106% year over year, while Data Center revenues surged 117% to $89.02 billion, and it guided third-quarter revenues to $108 billion, plus or minus 2%, implying 89.5% year-over-year growth. NVIDIA expects fiscal 2028 revenue growth of about 70%, though supply constraints could limit how quickly it meets demand, and it warns that changing demand could make the commitments difficult to reduce. Rivals are expanding as well: AMD's Data Center revenues rose 107% year over year to $6.7 billion in the second quarter of 2026, with Anthropic planning to deploy up to 2 gigawatts of MI450-series GPUs on the Helios rack-scale platform and Microsoft deploying Helios at scale on Azure, while Intel's second-quarter revenues rose 25% to $16.13 billion and its Data Center and AI revenues surged 59% to $6.26 billion. The Zacks Consensus Estimate for NVIDIA's fiscal 2027 revenues stands at $406.05 billion, an 88% year-over-year increase, and the stock trades at a forward price-to-earnings ratio of 17.11 versus the sector's average of 21.45.

AMD reported record Q2 FY2026 revenue of $11.54B, up 50.1% year over year, while Arm's Q1 FY2027 revenue rose 22.4% to $1.29B as its first internally designed data center chip drew more than $2 billion in demand. AMD's Data Center segment reached $6.7 billion, or 58% of total revenue, up from 42% a year ago, and CEO Lisa Su said the company hit a fifth consecutive quarter of record server CPU revenue, with cloud and enterprise each growing more than 70%. Arm CEO Rene Haas said demand for the Arm AGI CPU now exceeds $2 billion as the company adds new customers, including multiple customers in the US and China, while Neoverse shipments surpassed 1.5 billion cores. Arm's operating margin compressed to 7% from 11%, and its EPS missed the $0.4038 consensus by 38.09%. AMD guided Q3 revenue of roughly $13B, plus or minus $300M, and bundles its 6th Gen EPYC Venice CPUs with MI450 GPUs and Pensando networking into Helios racks, while Arm's move into producing its own silicon puts it in competition with the licensees it collects royalties from.

MindWalk Holdings Corp. reported C$3.8 million in revenue for its first quarter FY27, up 21.3% year over year, alongside the commercial launch of its ReefIQ data platform. Gross profit reached C$2.2 million, a 47.1% year-over-year increase that lifted gross margins from 48.3% in Q1 FY26 to 58.6%. The company said the ReefIQ rollout involved a production deployment with AMD Instinct GPUs in collaboration with AMD and Vultr, and that roughly 80% of its commercial pipeline by value now consists of partnership-structured engagements rather than discrete projects. MindWalk also secured a binding commitment for a US$30 million senior unsecured revolving credit facility at a fixed 7.00% rate, though a definitive credit agreement still needs to be negotiated and closed. Despite the topline growth, operating losses rose 47% year over year to C$6.13 million from C$4.16 million, and net loss from continuing operations widened to $6.1 million, or $0.13 per share, from $4.1 million, or $0.09 per share.

Advanced Micro Devices closed Monday at $623.77, up 191.26% year to date and 290.37% over one year, pushing its market value to roughly $1.02 trillion. Strategist Tony Zhang has set a $750 price target for November, betting that a company-wide price increase of about 10% across AI chips, graphics cards, and chipsets will flow through to profit, since AMD's non-GAAP gross margin already expanded to 56% in the second quarter from 43% a year earlier. Zhang's trade, a 600/750 call spread, caps his own gains at that $750 target, making it both his bull case and his ceiling. Data Center revenue rose 107% to $6.72 billion and now represents 58% of the company, and management guided third-quarter revenue to about $13 billion, plus or minus $300 million, up roughly 41% year over year. The average analyst target of $616.51 sits essentially at Monday's close, well below Zhang's call, while AMD trades at a trailing P/E of 157x and a forward P/E of 36x.

Tiger Global Management, the New York investment firm run by Chase Coleman III, opened nine new positions during the quarter, including a $662.78 million stake in AI chipmaker Cerebras Systems Inc. The fund bought 2,999,000 Cerebras shares, making the company 2.76% of its 13F portfolio, and also picked up 674,727 shares of Advanced Micro Devices worth roughly $391.96 million, or 1.63% of the portfolio, plus 285,100 shares of Seagate Technology worth about $275.12 million, or 1.15%. Cerebras makes wafer-scale processors and sells AI computing capacity through its cloud services, with its technology aimed particularly at AI inference. Bulls argue its Wafer-Scale Engine, which places computing and fast SRAM memory across one very large processor, offers faster token generation and lower latency for coding, reasoning and AI-agent workloads, though the company is not necessarily trying to replace Nvidia across the AI market. Cerebras carries a $25.4 billion backlog, but the company disclosed that only about 22% of its RPO is expected to be recognized during the first 24 months, through June 2028.

The Nasdaq Composite surged to back-to-back record highs this week, but beneath the surface the Philadelphia Semiconductor Index remains 14% below its June highs, with only AMD, Nvidia, and Taiwan Semiconductor trading closer to their own highs than the index itself, according to BTIG tech strategist Jonathan Krinsky. Ten of the 30 names in the SOX are still off more than 30% from their 52-week highs, with GlobalFoundries, KLA, and On Semiconductor each down more than 40%, while the average SOX member is down 26%. Krinsky warned that a similar situation appeared in 2000 after the initial market crack, when many semiconductor names went on to make new highs while the SOX itself did not, and he noted five straight days of more 52-week lows than highs in the S&P 500 even as the index rallied back near all-time highs, with the SPX up 1.2% over the last month while 9 of 11 sectors are negative. The broader rally has been ignited by massive consumer and enterprise adoption of Meta's new autonomous AI agent, Muse, which validated heavy capital expenditures and sparked a rerating across the AI ecosystem, with AMD pushed past a historic $1 trillion market valuation. Krinsky said it is hard to fight tech momentum right now but the extreme dispersion and increasing number of stats that rhyme with 2000 likely mean more near-term chop, and he remains cautious over the medium term.

Delos Data announced on September 15 that it raised more than $100 million to develop networking chips and software for increasingly heterogeneous AI data centers, with Playground Global, where former Intel CEO Pat Gelsinger is a general partner, joining the round. Reuters reported that Delos is designing its network to work across different types of compute hardware rather than assuming every accelerator comes from Nvidia, a read-through that could benefit AMD even though AMD is not an investor in Delos. Nvidia's advantage rests on a tightly integrated system of accelerators, networking, interconnects and software, and Delos is betting that market becomes less uniform as inference expands, with Gelsinger describing idle compute waiting for data as a major waste of money and energy. The counterargument is that Nvidia already has scale, mature software and networking products customers know work, and a startup with $100 million in financing is attacking an incumbent that spends billions on research and sells the full rack. Insider Monkey tracked 285 hedge funds holding Nvidia in the second quarter, up from 275 in the first, while AMD's holder count climbed to 164 from 134, and AMD had about 41.7 million shares sold short as of August 31, equal to roughly 2.6% of float and 2.5 days to cover.

Phillip Securities (Thailand) has issued an "outperform" rating on the electronics sector, selecting DELTA as its Top Pick for the third quarter of 2026, citing its share price lagging the sector and its strongest exposure to the AI theme. KCE and HANA stand to benefit from higher PCB selling prices and their expansion into High Density PCBA and Power Management. First-half sector profit came in at 16 billion baht, up 46.2% year on year, with growth spread across nearly every company, and the bulk of the profit came from DELTA, which benefited from greater recognition of revenue tied to AI and data centers than a year earlier. Other companies showed a picture of revenue recovering more strongly in the second quarter of 2026. For the third-quarter 2026 outlook, DELTA's profit is expected to rise quarter on quarter on higher AI product shipments, helped by a low base in the second quarter of 2026. In the U.S. stock market, investors are watching the CPU stock theme after GPT-6 Astra shifted fully into Agentic AI competition, forcing the CPU-to-GPU ratio up to 1:1, which supports the appeal of INTC and AMD. Cybersecurity names such as CRWD and PANW are also looking more attractive amid the push to enforce rules governing AI usage.

Advanced Micro Devices briefly crossed a $1 trillion market capitalization for the first time Monday, as surging demand tied to AI agents pushed investors toward central processing unit makers. AMD shares jumped more than 8% to a record $615.99 before closing near $609.65, leaving the chipmaker valued at roughly $995 billion. AMD became the fourth U.S. chipmaker to cross the $1 trillion threshold, joining Nvidia, Broadcom and Micron, while Intel jumped 12.03% to $121.67 and Arm Holdings surged 15.47% in the same session. The catalyst is the rapid adoption of Meta Platforms' Muse consumer AI app, which recently climbed to the top of the U.S. iPhone App Store, since running live software agents requires substantial CPU capacity alongside graphics processors. Intel CEO Lip-Bu Tan said CPU demand has become so strong that the company can currently fulfill only about half of customer orders, and AMD CEO Lisa Su said the company has raised its server CPU total addressable market outlook to grow more than 35% annually and exceed $120 billion by 2030, with the broader data-center CPU opportunity potentially reaching as much as $220 billion.

U.S. stocks closed sharply higher on Monday, with the Nasdaq notching its first record close since June 2 as a tech rally and falling Treasury yields lifted all three major indexes. The Dow Jones Industrial Average rose 0.7%, or 366.19 points, to 52,048.83, the S&P 500 gained 1.5% to 7,764.70, and the tech-heavy Nasdaq jumped 2.3% to 27,122.09. The rally was led by a 12% surge in Intel Corporation's stock, while Advanced Micro Devices shares jumped 10% as the chipmaker's market cap hit $1 trillion. The 10-year Treasury yield dropped below the 5% level after days, and U.S. crude prices fell 4,5% to settle at $95.78 per barrel, an 11-day low, after topping $100 last week amid escalating Middle East tensions. The moves follow a volatile week in which the Federal Reserve hiked interest rates by a quarter percentage point for the first time in over three years, and no major economic data was released on Monday.

A buzzy reception for Meta's new AI assistant Muse and softer oil prices lifted stocks to start the week, with Meta surging more than 11% on Monday on demand for its new agent. The broader AI stock universe rallied too, as US chipmaker AMD surged almost 10% on Monday to become the latest trillion-dollar-valued stock and the SOX chip sector index rose more than 4%. South Korean exports rose 78.3% in the first 20 days of September from a year earlier to $71.4 billion, the highest 20-day performance on record, as semiconductor shipments increased 259.4%. Brent slipped below $100 per barrel on Tuesday after Kyodo News reported Iran had offered to reopen the Strait of Hormuz within seven days if the US takes initial steps to ease military pressure, and Saudi Arabia restarted operations at its East-West Pipeline. Attention now turns to Thursday's summit between President Trump and China's Xi Jinping, where AI risks are likely to top the agenda alongside a potential trade truce extension and geopolitical flashpoints like Taiwan and the Iran war.

AMD's market capitalization crossed the $1 trillion mark for the first time on Monday, with shares surging 9.9% amid a broader tech-stock rally. The stock is up 185% year to date, far outpacing rival Nvidia's 22% gain. The milestone follows a second quarter in which AMD beat Wall Street expectations across the board, posting record non-GAAP earnings per share of $1.66 versus consensus estimates of $1.61, while total revenue surged 50% year over year to a record $11.5 billion, clearing analyst projections of approximately $11.34 billion. The company's Data Center segment drove the performance, with revenue more than doubling year over year to $6.7 billion on robust demand for EPYC server CPUs and Instinct AI accelerators. AMD projected second-half 2026 server CPU revenue to grow 80% year over year and 70% in 2027, and expects data center revenues to more than double in 2027, with AI graphics processing units growing well over 100%. AMD also unveiled next-generation AI chips headlined by the Instinct MI450 Series GPUs and the 6th Gen EPYC Venice CPUs, designed to power its new Helios rack-scale AI systems, alongside deals for Microsoft to deploy Helios across Azure AI services beginning in the second half of 2026 and for Anthropic to deploy up to 2 gigawatts of the Instinct MI450 GPUs in its Helios system beginning in the first half of 2027, a deal that could be worth tens of billions of dollars over time. AMD also committed to invest up to $5 billion in Anthropic, marking one of the chipmaker's largest strategic investments ever.

CGS International Securities (Thailand), or CGSI, estimates that the SET Index could rise above 1,600 points, with a trading range of 1,600-1,630 points, supported by lower oil prices and falling US government bond yields. The Nasdaq closed at a record high on buying in AI stocks, particularly AMD and Nvidia, whose forward P/E ratios are in their lowest zone in 10 years. The Dow Jones closed at 52,048.83 points, up 366.19 points or 0.71%. The S&P 500 closed at 7,764.70 points, up 114.20 points or 1.49%, and the Nasdaq closed at 27,122.09 points, up 599.55 points or 2.26%. Meanwhile, October-delivery WTI crude oil futures fell 4.52 dollars, or 4.51%, to close at 95.78 dollars per barrel, following signs of diplomatic progress between Iran and the United States and reports that Saudi Arabia's oil exports are starting to recover. Among its recommended stocks, CGSI said DELTA will post higher revenue growth in the second half of 2026, with third-quarter 2026 revenue estimated to grow about 15% quarter-on-quarter, and set a profit target of 252.00 and a stop-loss level of 244.00. GULF is expected to see renewable energy projects, data centers, and the MTP3 LNG Terminal drive long-term profit after 2030, with a profit target of 63.25 and a stop-loss level of 61.50.

In the early hours of September 22 Beijing time, Advanced Micro Devices shares rose about 10% to close at $615.52 per share, pushing its market capitalization above $1 trillion for the first time and lifting sentiment across the global semiconductor sector. In the US market, the Philadelphia Semiconductor Index gained more than 4%, Arm rose over 17%, Intel climbed more than 12%, Meta advanced over 11%, and Qualcomm added more than 9%. Buoyed by the overnight US session, China's A-share semiconductor sector was very active on September 22, with chip-related names opening sharply higher. By midday, China Great Wall and Suzhou Hesheng Special Material were locked at their daily limit-up, Hygon Information gained more than 4%, and Loongson Technology rose over 3%. In computing-power chips, Watertek Information, Beken Corporation and Rockchip Electronics hit their daily limit-up, Moore Threads climbed more than 8%, Montage Technology rose over 6%, and MetaX Integrated Circuits added 3.9%. The most direct catalyst for AMD's surge came from AI applications: Meta's Muse personal agent tool reached the top of app store charts less than two weeks after launch, with roughly 1.5 million downloads on the iOS App Store and 1.1 million on the Android app store as of Monday. Meta is itself a major AMD customer, and the two companies further expanded their cooperation in February this year, planning to deploy up to 6 gigawatts of AMD Instinct GPUs, with the first 1 gigawatt expected to begin shipping in the second half of 2026. On the earnings front, AMD posted revenue of $11.5 billion in the second quarter of fiscal 2026, up 50% year on year, while data center revenue reached $6.7 billion, surging 107% from a year earlier and lifting its share of total revenue to 58% from 42% in the same period last year.