Core Viewpoint - UBS maintains a Buy rating and a price target of $265 for Advanced Micro Devices Inc. (AMD), anticipating strong third-quarter results driven by high demand in server, client CPU, and data center GPU sectors [1] Group 1: Third Quarter Expectations - AMD's revenue is expected to approach the upper end of guidance, near $9 billion, with server sales potentially enhancing gross margins [1] - Data center GPU revenue is projected to be approximately $1.7 billion for the third quarter [1] Group 2: Fourth Quarter Projections - UBS keeps its revenue estimate for the fourth quarter at $9.3 billion, about $200 million above the consensus, with potential guidance up to $9.5 billion due to ongoing demand from cloud and AI customers [2] - Data center GPU revenue is forecasted to reach around $2.4 billion in the fourth quarter, an increase of $700 million from Q3, driven by MI355x chip shipments to major clients like Meta Platforms and Oracle Cloud [2] Group 3: Client Computing and Future Outlook - AMD's client computing business is expected to perform flat to slightly higher quarter-over-quarter, showing stronger results than typical seasonal trends [3] - A modest dip in first-quarter 2026 revenue is anticipated due to normal seasonality, but a bullish multi-year outlook for the data center GPU segment is expected, supported by the upcoming launch of MI455 next year [3]