Overview

• AMD's price target was reduced from $135 to $110, with TD Cowen citing tariff-related uncertainty and falling GPU revenue estimates for data centers.
• NVIDIA's price target was lowered from $175 to $140, though the company remains a top pick for its technological leadership and upcoming Blackwell GPUs.
• Both AMD and NVIDIA have experienced substantial stock declines this year, with AMD down 31% and NVIDIA down 28%.
• Tariff announcements last week have exacerbated market pressures, particularly impacting AMD's stock performance.
• Despite current challenges, TD Cowen remains optimistic about AMD’s MI355X GPU and NVIDIA’s Blackwell GB200 server racks as potential future growth drivers.