TD Cowen Reiterates Buy on AMD, Calls Helios a Major AI Inflection Point

Group 1 - Advanced Micro Devices, Inc. (AMD) is recognized as a significant player in the AI sector, with TD Cowen reiterating a "Buy" rating and a price target of $290, indicating confidence in AMD's potential as an AI winner due to the Helios launch [1][2] - The Helios AI rack-scale architecture is highlighted as an integrated platform that will enhance AMD's AI business, despite concerns about a volatile AI spending environment [2][3] - The recent decline in AMD's shares is viewed as an attractive entry point, with analysts suggesting that the stock is undervalued ahead of the Helios launch, projecting a compelling value at less than 10 times the estimated EPS for 2030 [3][4] Group 2 - AMD's hardware roadmap and progress in the ROCm software ecosystem, along with customer wins, bolster confidence in its ability to capture value in the AI compute market [3][4] - The Helios rack and MI450 are expected to mark a significant inflection point for AMD starting in mid-2026, with projections indicating a potential EPS run-rate exceeding $10 by Q4 2026, representing a year-over-year and quarter-over-quarter increase of approximately 2 times [4]