Markets
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Luke Kawa

AMD soars as HSBC doubles price target to match Street high

Talk about changing your mind on a stock.

HSBC analyst Frank Lee doubled his price target on Advanced Micro Devices to $200 from $100 while upgrading the stock to “buy” from “hold.” That price target matches the highest on the Street, and implies upside of about 45% from Wednesday’s close. Shares are already getting a smidge closer to that aspirational level with a more than 3% rally in premarket trading.

The upgrade appears to be a bit Shaquille O’Neal-esque: “I owe you an apology. I wasn’t really familiar with your game.”

The game, in this case, is a new line of chips that AMD launched at its “Advancing AI” event last month, which CEO Lisa Su thinks leaves the company well positioned to compete with Nvidia in the GPU market.

Lee says these processors can command a much higher price than he previously thought because of their strong performance, driving massive upside to his 2026 revenue forecast.

The average analyst price target on AMD is $136, a touch below where the stock closed on Wednesday.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

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