Benchmark raises AMD PT on Azure, Anthropic deals

Brokerage Benchmark raises chip-designer AMD's \\AMD.O\\ price target to $685 from $485.

The new price target implies about 24% upside from the last close.

Benchmark cites Microsoft's \\MSFT.O\\ expanded Azure partnership with AMD, and Anthropic's commitment to using AMD chips in a large-scale AI computing buildout starting in H1 2027.

Microsoft and Anthropic “materially improve AMD's AI infrastructure visibility,” the brokerage said.

Benchmark also noted that 45 of 54 brokerages rate the stock “buy” or higher, while nine rate it “hold”; the median price target is $540, according to data compiled by LSEG.

Shares of AMD fell 1.3% to $545.5. Including session moves, the stock has risen about 155% this year.