The first half of 2026 has been extremely rewarding for Advanced Micro Devices (NASDAQ: AMD) investors, as shares of the chipmaker have soared by 131% so far this year.
However, AMD stock’s momentum has weakened over the past month, as it has dropped nearly 5% amid the recent sell-off in semiconductor stocks. Fears of a stock market bubble amid the artificial intelligence (AI)-fueled gains clocked by tech stocks have been weighing on investors’ minds lately. But it would be wrong to call AI a bubble.
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The adoption of this technology isn’t just driving strong growth for hardware and software companies involved in its proliferation, but also leading to productivity gains for those adopting it. That’s why it won’t be surprising to see AMD stock stepping on the gas once again in July, especially considering that it may announce some big customer wins during the month at its Advancing AI event.
AMD’s July event could boost investor confidence
AMD will hold its Advancing AI event on July 22 and 23. The company is expected to unveil new AI-focused platforms, how customers are deploying them, and its product roadmap at this event. It is worth noting that AMD held this event in June last year and previewed its rack-scale server architecture called Helios.
This server platform has been adopted by Meta Platforms, which will begin deploying Helios servers in the second half of 2026. Additionally, AMD management noted on the company’s May earnings call that it is seeing strong customer demand for the Helios platform. It said it will share more information about it during the July event.
Assuming AMD manages to attract more customers for Helios, which will go against Nvidia‘s Vera Rubin chip system, investor confidence in the stock could start improving. It is worth noting that the AMD Helios rack-scale system, powered by the company’s MI455X graphics processing unit (GPU), has 432 gigabytes (GB) of high-bandwidth memory (HBM), well above the 288 GB offered by Nvidia’s Vera Rubin NVL72 system.
Given that memory is emerging as one of the biggest bottlenecks in AI infrastructure, there is a good chance AMD will indeed win more hyperscaler customers beyond Meta. Meanwhile, in May, Citigroup pointed out that AMD may have added Anthropic to its client list and will announce this new win at the July event.
