In mid-January, AMD locked in a 10-year, $311 million lease agreement with Riot Platforms for its MI455X GPU accelerators—a move that underscores growing enterprise demand for NVIDIA alternatives. This deal marks AMD’s largest single data center contract to date and comes as Riot evaluates extensions that could push total payments above $1 billion. The agreement validates AMD’s strategy to capture share in AI workloads by offering competitive performance at lower vendor-lock-in risk, and highlights momentum behind its Instinct line in large-scale compute environments.

In a January research note, Bernstein raised its 12-month price target on AMD shares, acknowledging the company’s industry-leading design roadmap and expanding AI traction. Analysts highlighted that AMD’s stock trades below 25x forward earnings despite a 300% gain since August 2023, reflecting skepticism about further multiple expansion. While Bernstein sees upside in continued data center CPU sell-outs and accelerating GPU shipments, the firm cautioned that limited near-term margin expansion could cap total returns.

During CES 2026, AMD previewed its next-generation MI450 accelerators—featuring up to 432 GB of high-bandwidth memory and sustained throughput of 19.6 TB/s—slated to ship in the second half of the year. These GPUs will power AMD’s new Helios rack-scale systems, capable of delivering up to 3 exaflops per configuration. Management projects long-term AI revenue growth of roughly 80% annually, and confirmed that data center CPU orders are fully booked through 2026, positioning AMD to capitalize on the multibillion-dollar build-out of generative AI infrastructure.