AMD Stock Jumps Overnight Ahead Of Q2 Print — Citigroup Loads Up, Analyst Sees Over 40% Upside On ‘Clean’ Quarter

• Citigroup and Jennison added a combined 817,736 AMD shares, taking their disclosed holdings to 16.35 million shares worth about $9.5 billion.
• Benchmark reiterated its ‘Buy’ rating and $685 price target, implying a 41% upside from current levels.
• AMD says Helios shipments will begin near the end of the third quarter, with OpenAI targeting deployment at “massive scale” from late 2026.

Shares of Advanced Micro Devices (AMD) jumped 3% overnight heading into Tuesday’s results as two major institutional investors added more than 817,000 shares, while Benchmark projected more than 40% upside.

AMD stock rose 2% to $484.64 on Monday after posting its worst monthly performance since September 2022. 

Citigroup, Jennison Add AMD Shares

Citigroup reported owning 6.38 million AMD shares worth $3.71 billion as of June 30, according to Fiscal AI data disclosed on Monday. The bank added 272,161 shares from its previously reported position, increasing its holding by 4.46%. Meanwhile, Jennison Associates disclosed a larger position of 9.97 million shares valued at approximately $5.79 billion. The firm added 545,575 shares, lifting its holding by 5.79%.

Together, the two institutions held 16.35 million AMD shares worth about $9.5 billion as of June 30 and added a combined 817,736 shares from their previously reported positions. 

Benchmark Expects ‘Clean’ AMD Quarter

Benchmark reiterated its ‘Buy’ rating and $685 price target, implying a 41% upside from current levels.  Benchmark expects a “clean, essentially in-line quarter,” forecasting revenue of $11.28 billion and non-GAAP earnings of $1.63 per share. For the third quarter, Benchmark projects revenue of $12.49 billion and earnings of $1.87 per share.

The firm said investors will likely focus on AMD’s September-quarter guidance, gross margin and the timing of its Helios AI systems.

Additionally, Koyfin data also points to strong sequential growth. Revenue is expected to rise 10% to $11.31 billion, while earnings before interest, taxes, depreciation and amortization (EBITDA) are projected to increase 29% to $2.88 billion. Adjusted earnings could also increase 18% to $1.61.

AMD Helios Rollout Enters The Spotlight

AMD has said Helios is in full production, with shipments on track to begin near the end of the third quarter and ramp during the fourth quarter. At AMD’s Advancing AI 2026 event in San Francisco, CEO Lisa Su called customer demand for Helios “extremely strong” and called it “simply the best AI rack in the world.” 

The rack-scale system combines AMD’s MI455 accelerator, EPYC processors and Pensando networking technology. AMD says MI455 can deliver up to 18 times more tokens per dollar, while Helios can provide up to 34 times greater performance under certain high-concurrency workloads. OpenAI expects to deploy Helios at “massive scale” toward the end of 2026 and accelerate its rollout throughout 2027.

AMD Secures Core Scientific AI Capacity

AMD’s results come one week after it signed an agreement with Core Scientific for up to 2.5 gigawatts of AI data-center capacity. The agreement initially provides more than 500 megawatts of AI-ready infrastructure beginning in 2027, with room to expand to 2.5 gigawatts. Core Scientific will also help design physical infrastructure and deploy AMD hardware and software. AMD will receive market-priced warrants to purchase Core Scientific shares if certain commercial conditions are met. 

How Do Retail Traders Feel About AMD?

On Stocktwits, retail sentiment for AMD has been ‘bullish’ over the past three months amid a 254% jump in 24-hour message volumes.

One user said, “$AMD Pretty unbelievable you can still get this for under 500. This ER to come today is just beginning of the showing what several year of hard focusing work can bring. Their margins will explode.”

Another user said, “$AMD Likely 600 tomorrow the way every single tech earning skyrockets. Whether justified or not. You either full port, or miss the train. There is no in-between. It all or nothing.”

AMD stock has climbed 182% over the past year. 

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