Advanced Micro Devices, Inc. (NASDAQ:AMD) President and CEO Dr. Lisa Su joined Simon Hu, president of Alibaba Cloud, the cloud computing arm of Alibaba Group, to announce a collaboration between the two companies to strengthen research and cooperation related to the use of AMD Radeon™ Pro GPU technology in Alibaba Cloud’s global datacenters, at the Alibaba Computing Conference.
at the AlibaThrough the partnership, Alibaba Cloud plans to use AMD technology to help expand its cloud computing offerings and accelerate adoption of its cloud-based services.ba Computing Conference.
“The partnership between AMD and Alibaba Cloud will bring both of our customers more diversified, cloud-based graphic processing solutions. It is our vision to work together with leading technology firms like AMD to empower businesses in every industry with cutting-edge technologies and computing capabilities,” said Simon Hu, president of Alibaba Cloud.
“The collaboration between AMD and Alibaba Cloud leverages the world-class technology and software engineering capabilities of both companies to meet the growing demand for standards-based GPU computing solutions capable of enabling more immersive and intuitive cloud services,” said AMD President and CEO Dr. Lisa Su. “Working closely with industry leaders like Alibaba Cloud helps ensure the investments AMD is making in our high-performance graphics and computing datacenter products continue to align with the needs of the broader cloud market.” (Original Source)
Shares of AMD are up nearly 3% to $6.68 in pre-market trading Friday. AMD has a 1-year high of $8 and a 1-year low of $1.75. The stock’s 50-day moving average is $6.67 and its 200-day moving average is $5.08.
On the ratings front, AMD has been the subject of a number of recent research reports. In a report issued on October 12, Credit Suisse analyst John Pitzer upgraded AMD to Hold, with a price target of $7.00, which implies an upside of 8% from current levels. Separately, on October 7, Barclays’ Blayne Curtis initiated coverage with a Hold rating on the stock and has a price target of $7.00.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, John Pitzer and Blayne Curtis have a total average return of 13.4% and 9.8% respectively. Pitzer has a success rate of 73% and is ranked #86 out of 4182 analysts, while Curtis has a success rate of 64% and is ranked #316.
Overall, 4 research analysts have rated the stock with a Sell rating, 9 research analysts have assigned a Hold rating and 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $6.13 which is -5.5% under where the stock closed yesterday.
Advanced Micro Devices, Inc. is a global semiconductor company that develops computer processors and related technologies for business and consumer markets. It design and integrate technology for intelligent devices, including personal computers, game consoles and cloud servers. The company operates through the following segments: Computing and Graphics, and Enterprise, Embedded and Semi-Custom. The Computing and Graphics segment includes desktop, notebook processors, chipsets, discrete GPUs and professional graphics. The Enterprise, Embedded and Semi-Custom segment includes server and embedded processors, dense servers, semi-custom SoC products, engineering services and royalties.