Key Takeaways

• Advanced Micro Devices is set to announce new products and advancements in its artificial intelligence technology at its "Advancing AI" event Thursday.

• Analysts are optimistic about AMD's stock, issuing 13 "buy" ratings and three "hold" ratings for the shares, according to Visible Alpha.

• Analysts expect AMD to introduce several products during the event, along with potentially revealing some new partnerships.

Advanced Micro Devices (AMD) will hold its "Advancing AI" event this week, with analysts expecting new product announcements that could drive the stock higher and lift sales.

AMD shares are more than 15% above where they started the year, though off the record levels set in March. Thirteen analysts tracked by Visible Alpha have a "buy" or equivalent rating on AMD stock, while three have a "hold" rating.

AMD stock has an average target price of $190.56, meaning analysts broadly expect AMD shares will rise a further 11%. AMD closed Monday at just under $171 after changing only slightly tostart the week.

The company's shares rose nearly 20% in the days following a similar event last December.

New AI Products Could Help Combat Nvidia

Analysts have said they expect AMD to announce new products at the Thursday event, which could pave the way for it to gain market share in the artificial intelligence (AI) accelerator space as it faces off against Nvidia (NVDA), the industry leader.

Analysts said the "AI ecosystems partners, customers and developers" that AMD mentioned in the event's announcement could include new customers—evidence of AMD's growing market share.

Read the original article on Investopedia.