AMD Takes AI Momentum Lead as Nvidia Rotation Gathers Steam

Advanced Micro Devices (AMD) surged to a 52-week high with a year-to-date gain near 112%, as investors rotate out of Nvidia into AMD on faster growth and a smaller base. AMD’s strength in Agentic AI workloads boosts demand for its EPYC CPUs and Instinct GPUs, while MI355X accelerators gain traction for AI inference and ROCm’s maturation closes the CUDA gap. Price targets up to $625 imply meaningful upside despite a high trailing P/E, making AMD a leading momentum play for 2026 as the AI server market shifts in its favor.