AMD: Jefferies eyes Anthropic deal as Advancing AI 2026 event nears

Jefferies analysts expect AMD to rise its addressable marketplace estimation for AI CPUs supra $200 billion, topping the fig Nvidia Corp (NASDAQ:NVDA, XETRA:NVD) (Nvidia Corp (NASDAQ:NVDA, XETRA:NVD)) gave successful May. They are besides watching for much item connected AMD's next-generation MI500 GPUs and scale-up roadmap, on with immoderate caller lawsuit announcements.

New lawsuit announcements person been the biggest plaything origin astatine AMD's past 2 AI events. The firm's Asia proviso concatenation checks suggest Microsoft Corp (NASDAQ:MSFT) (Microsoft Corp (NASDAQ:MSFT)) is present a lawsuit for AMD's MI400 bid GPUs, joining antecedently disclosed customers OpenAI and Meta Platforms Inc (NASDAQ:META, XETRA:FB2A, SIX:FB) (Meta Platforms Inc (NASDAQ:META, XETRA:FB2A, SIX:FB)).

The analysts said expectations halfway connected a imaginable Anthropic announcement, noting reports that the AI institution has been hiring engineers with ROCm experience, which they said suggests Anthropic is preparing to diversify its computing infrastructure.

Jefferies cautioned that woody economics substance much than immoderate headline, noting AMD has already committed 20% of the institution to OpenAI and Meta, truthful aboriginal deals would request smaller inducement packages.

A much accepted Anthropic statement would reenforce assurance successful AMD's quality to vie without equity incentives, the analysts said.

Jefferies expects caller disclosure connected the MI500 series, previewed astatine CES 2026 arsenic CDNA 6 architecture connected an precocious 2nm process with HBM4E representation targeted for 2027, with a claimed 1,000-times AI show uplift versus an eight-GPU MI300X node.

The analysts expect the MI500 level to determination to a autochthonal Ultra Accelerator Link scale-up domain with 256 GPUs per rack, which whitethorn necessitate optical interconnects.

Jefferies is watching for confirmation of a co-packaged optics attack and its supplier, noting AMD's concern successful Ayar Labs and its enactment with Astera Labs Inc (NASDAQ:ALAB) connected Ultra Accelerator Link and Broadcom Inc (NASDAQ:AVGO, XETRA:1YD) (Broadcom Inc (NASDAQ:AVGO, XETRA:1YD)) connected scale-up networking.