AMD: Strong Read From Nvidia's AI GPU Surge
- Nvidia reported explosive AI GPU sales growth and signals supply will support higher growth going forward.
- Advanced Micro Devices' competing AI GPU chip, MI300, is set to hit the market in Q4 and has significant capacity secured.
- The company has significant upside with analyst estimates not factoring in massive upside potential from AI GPU sales.
- AMD stock is cheap at closer to only 20x '24 EPS targets.