Will AMD Stock Keep Going Up? The Bull and Bear Cases

Will AMD stock keep going up? It can, but right now a lot of the good news is already in the price. AMD closed Friday at $630.63, up about 194% this year, and the AMD stock forecast from analysts looks pretty flat, with an average AMD stock price target of $618.51, a bit below where the shares trade. A bull like strategist Tony Zhang sees $750 by November, and the bear case centers on valuation.

Will AMD Stock Keep Going Up? Bull Case, Bear Case And Target

Where AMD Stock Trades Right Now

AMD closed Friday, Sept. 25, at $630.63, and it slipped to around $618.69 in overnight trading early Monday, down 1.89%, according to Yahoo Finance. The stock has gained 194.47% year to date, and data center sales also jumped 107% to $6.7 billion in the second quarter. So will AMD stock keep going up, or is the easy money gone?

What AMD Management Expects

CEO Lisa Su said on the August earnings call:

“We now expect data center segment revenue to more than double year-over-year in 2027.”

She also had this to say:

“We do expect the overall data center business to be well over 100%.”

AMD guided third-quarter revenue to around $13 billion, roughly 41% growth. Hitting these targets comes first, since the AMD stock forecast for 2027 leans almost entirely on them.

Intel’s CPU Shortage Could Help AMD

Intel CEO Lip-Bu Tan said at Splunk’s conference in Denver:

“CPU demand is so high that we can only supply 50% of customers.”

AMD’s server CPU market share climbed to 34.5% in the second quarter from 27.3% a year earlier, per Mercury Research, and AMD expects the server CPU market to hit $220 billion in 2030. For anyone asking will AMD stock keep going up, a tight CPU market also means more room to raise prices.

The AMD Stock Bull Case And The $750 Target

Zhang’s $750 AMD stock price target comes with a 600/750 call spread, 24/7 Wall St. reported, which is basically a bet on one question: will AMD stock keep going up before November?

His catalyst is a reported 10% price increase on AI chips, and AMD hasn’t confirmed it yet. The bull case also leans on gigawatt deals with customers such as OpenAI, Meta and Anthropic.

Lisa Su stated:

“Customer pull for Helios is very strong and tracking ahead of our initial forecasts.”

For bulls, the answer to “Will AMD stock keep going up?” is yes, as long as that demand holds.

The AMD Stock Bear Case

The AMD stock bear case points to a beta of 2.48 and heavy reliance on a few big AI customers. Nvidia CFO Colette Kress said:

“We expect to grow revenue by approximately 70% in fiscal 2028. This is a supply-constrained outlook.”

Bears ask a different question: will AMD keep going up if hyperscalers pause AI spending? Their answer is no.

AMD Stock Forecast: What To Watch Now

The next earnings report, expected on Nov. 3, is the next real test. If Helios ships on time, the forecast looks stronger, and for an AMD stock bull, that backs up the 24/7 Wall St. view that the $750 price target could prove conservative. The bear case only needs one big customer to slow its orders.

So, will AMD keep going up? At the time of writing, it can, but only if AMD hits its 2027 targets.