S&P 500, Nasdaq Slip in Early Trading After Stocks Soared to Start Week; Nvidia Shares Drop

AMD Expected to Lay Out AI Roadmap Today

52 minutes ago

Traders will be on the lookout for updated financial targets from Advanced Micro Devices as it hosts an investor day later today.

AMD’s (AMD) shares climbed more than 4% Monday ahead of the event, which some analysts have suggested could be a positive catalyst for the chipmaker’s stock. The stock, which has doubled since the start of the year, was down about 1% in recent premarket trading.

Analysts at Bank of America, Citi, and Jefferies said they’ll be watching for an updated outlook and financial targets from AMD’s analyst day event. CEO Lisa Su is widely expected offer more details on the company’s artificial intelligence roadmap. (You can watch the stream, scheduled for 1 p.m. ET, here.)

A bigger estimate of AMD’s total addressable market, thanks to booming AI demand, might help boost confidence in the stock, the analysts said, following a strong run this year driven lately by a string of big AI deals, including one with ChatGPT maker OpenAI.

Last week, AMD posted record quarterly results and an upbeat outlook on surging demand for its data center chips, though the stock was little changed following the results amid some worries about an AI bubble.

Heading into the event, Wall Street analysts lean more bullish on the stock, with seven of the 10 with current ratings compiled by Visible Alpha calling it a “buy,” compared to three neutral ratings. Their mean target around $269 would suggest nearly 10% upside from Monday’s close.

–Kara Greenberg

Major Stock Index Futures Down Slightly

2 hr 37 min ago

Futures tied to the S&P 500 were down 0.2%.

Nasdaq 100 futures fell 0.4%.

Dow Jones Industrial Average futures rose fractionally.