AMD Launches New Line of MI350 AI chips
Earlier today, AMD (AMD) launched its new MI350 line of AI chips and shared details about its next-generation MI400 GPUs at its Advancing AI event in San Jose. The MI350X and MI355X are built to compete with Nvidia's (NVDA) Blackwell chips by offering four times more AI compute power and 35 times better inferencing than AMD's previous generation. Each MI350 chip includes 288GB of HBM3E memory, more than Nvidia's 192GB per chip, although Nvidia pairs two chips for a total of 384GB.
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AMD will also offer MI350 platforms that combine up to 8 GPUs (2.3TB of memory), with air cooling for up to 64 GPUs and liquid cooling for larger setups of up to 128 GPUs. Furthermore, AMD previewed its MI400 chips, which will launch in 2026. These will offer up to 432GB of faster HBM4 memory and speeds of up to 19.6TB per second to compete with Nvidia's upcoming GB300 Blackwell Ultra and Rubin AI chips. Interestingly, to help developers access its GPUs, AMD launched the AMD Developer Cloud, which allows users to access MI300 and MI350 GPUs online without needing to buy them.
This is similar to Nvidia's DGX Cloud Lepton service that was launched last month. However, AMD's stock performance has lagged behind Nvidia's. AMD is down about 24% over the past year and 0.2% year-to-date, while Nvidia has gained 19% over the past year and 7% year-to-date. Moreover, both companies were impacted by the U.S. export ban on AI chips to China. Indeed, AMD expects an $800 million hit, while Nvidia has written down $4.5 billion and anticipates missing out on $8 billion in sales this quarter.
Is AMD a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on AMD stock based on 22 Buys, 10 Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average AMD price target of $127.93 per share implies 7.4% upside potential.
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