AMD Hits All-Time Highs as the x86 CPU Renaissance Takes Hold - Is AMD Stock a Buy at $345?
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AMD surged to an all-time high of $345, driven by Intel's strong AI demand read-across and a D.A. Davidson upgrade to Buy with a $375 target. Intel's Q1 2026 results confirmed increased x86 CPU demand for AI infrastructure, positively impacting AMD's EPYC server business. Investors anticipate AMD's Q1 earnings on May 5th to potentially beat guidance, with key focus areas including Data Center segment performance and Meta deal updates. Technical analysis suggests resistance at $346, $368, and $395, with a pullback entry around $316-$288 recommended for lower risk.
TradingKey - AMD surged 10-13% to all-time highs at $345 on Intel’s AI demand read-across and a D.A. Davidson $375 Buy upgrade. Q1 earnings May 5. Record Data Center and Meta deal in focus.
Advanced Micro Devices (AMD) on NASDAQ went up by a whopping 13% to $345 on 24th April 2026, setting an all-time high, without ever releasing a financial number itself. What sparked this sudden surge was Intel's incredibly strong Q1 2026 earnings announcement - a set of numbers that totally confirmed what the industry had been suspecting, that x86 CPUs are playing an increasingly important role in all that AI infrastructure. Investment bank D.A. Davidson even upgraded AMD to a strong Buy recommendation, with a price target of $375 on the very same day. And to add some more drama to this AMD story, their own Q1 2026 results are due out on May 5th.
The question that's got financial analysts on the edge of their seats is whether the AMD stock price is pricing in a killer Q1 that we haven't even seen yet, or if there is more to this story that justifies those all-time highs right now and then some.
Why Intel's Big Earnings Should Be Read as a Clear Winner for AMD
Intel's Q1 performance - revenue of $13.6 billion, non GAAP earnings per share of $0.29 which was way above the $0.01 that was forecast, and a Data Centre and AI revenue that rose by a healthy 22% year on year - basically told us that there is a massive demand shift in favour of x86 server CPUs in the way that the market is being used for AI type workloads. More and more big players - or hyperscalers - are now deploying these CPUs alongside GPU accelerators, in growing numbers, because, as you might expect, its the CPU architecture which is best able to handle all those inference and style agentic AI tasks.
During the earnings call Intel's CEO Lip-Bu Tan pointed out that the shift from simple models to real inference to agentic AI type workloads "is causing a big increase in the need for CPUs" - and that's a whole lot clearer for AMD's EPYC server business straight off the bat, getting that record server market share and if the spending at the big players on CPU is indeed accelerating - as Intel's figures are strongly suggesting - then AMD's report on May 5th really does have all the ingredients to beat that $9.8 billion Q1 guidance of theirs.
Advanced Micro Devices (AMD) Technical Analysis and Trade Setup
On the weekly chart, AMD is finally breaking into that tricky fib extension zone ($340 to $346) after a solid base-building phase that really got our hopes up. The RSI is sitting pretty high at 70-something - momentum is going strong but it's getting to the point where many of these guys start consolidating before they really take off again. Resistance is looking a bit scary with $346 first up, then $368 (a nice big Fib 2.272 one) and $395 (big fib 2.618)
Advanced Micro Devices (AMD) Price Chart - Source: Tradingview
Trade Setup
Breakout Entry: Daily close above $346 when that happens - then we're looking for $368 to $395 level.
Pullback Entry : Kind of a better option is to go short in that $316 to $288 zone we're seeing - better risk and reward especially after earnings.
Stop Loss : Weekly close below $288 and this whole thing is just out the window.
FAQ Summary
Why did AMD stock suddenly surge to 10% on April 24 without AMD releasing any new earnings numbers?
AMD got a boost from Intel's Q1 2026 blowout announcement which revealed Data Center and AI CPU revenue jumped by 22%. And that was just the cherry on top of confirmation that demand for x86 CPUs in AI infrastructure is really taking off. Since AMD's EPYC server CPUs are right in the same game, Intel's numbers are almost like a guarantee that AMD's May 5th earnings are going to be a big deal. On the same day that AMD's stock went up, D.A. Davidson decided to change its tune and go from Hold to a Buy, setting a $375 price target, which adds to the momentum.
When does AMD finally get around to reporting Q1 2026 earnings and what should investors keep an eye on?
AMD's Q1 2026 earnings are due out on May 5th, after the markets close. The company is expecting revenue of about $9.8 billion, which is a nice 32% year-over-year increase. The Data Center segment is where the real story is at , especially since they hit a record $5.38 billion back in Q4 2025. We'll also be keeping an eye for any updates on when AMD's Instinct MI400 is going to start ramping up, how Meta is going to do on their shipment schedules, and any Q2 2026 guidance that AMD might have.
Now that Intel is showing such a strong demand for AI, you have to wonder if AMD might end up beating that $9.8 billion revenue midpoint, but keep in mind there's still that ceiling in China that's going to cost AMD about $100 million every quarter.
What's the current stock price target for AMD in 2026?
D.A. Davidson has the most optimistic current target at $375 (and they're calling it a Buy too). While all the analysts agree on a price range of $280 to $300, there's a cluster of analysts now touting targets in the $358 to $375 range after Intel's news. From a technical perspective, there's a real possibility of AMD breaking $346 and then $368, and maybe even $395 - but you have to be real, its probably a higher risk move. If you are going to take a lower-risk route, you might want to look at either a pullback before earnings or a post-May 5 retest around the $316 to $288 support zone.
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