The event is likely to focus more on showcasing technology rather than announcing customer or financial information, with AMD expected to demonstrate the sustainable development potential of its CPU and GPU technology roadmaps.
Advanced Micro Devices 's annual flagship AI conference, "Advancing AI 2026," will be held in San Francisco, USA, from July 22 to 23 local time. UBS released a preview report stating that this event is likely to focus more on showcasing technology rather than announcing customer or financial information. AMD is expected to provide the latest updates on its data center CPU (including Venice, Verano) and GPU (MI450x and MI500) technology roadmaps; information on embedded and gaming graphics card businesses will also be updated concurrently. UBS maintains a "Buy" rating on AMD and raised its price target from $670 to $700.
UBS noted in the report that AMD's Advancing AI event is scheduled before Intel's earnings release and approximately two weeks before AMD's own earnings release. Investor focus is centered on whether the company can expand its AI customer base beyond OpenAI and Meta to include more vendors. However, UBS believes the focus of this event will be on releasing the technology roadmap rather than making significant adjustments to financial forecast models.
Regarding customers, UBS still believes Amazon will be a core major customer for the MI450x, and Anthropic may also be on the customer list. However, the firm advises investors to lower their expectations for new customer announcements at this event.
Beyond potential customer partnership announcements, UBS expects AMD to provide a comprehensive update on its AI product line planning: disclosing more details on the MI450x Helios and MI500 series, possibly releasing information on the MI600 roadmap ahead of schedule, and potentially outlining its strategy for emerging distributed inference computing workloads.
In addition to AI accelerator chips, UBS expects AMD to offer a more optimistic assessment of the server CPU market opportunity. AMD last formally updated its total addressable market (TAM) for server CPUs in its Q1 2026 earnings report, estimating the market size could reach $120 billion by 2030. Since then, industry data has strengthened significantly.
UBS expects AMD to announce the official mass production of its next-generation EPYC server processor codenamed "Venice," while also providing more information on the Verano product. UBS believes Verano will utilize Taiwan Semiconductor Manufacturing Company 's 2nm process and feature an LPDDR-based SOCAMM2 memory solution. Considering the explosive growth in computing demand for agentic AI, AMD may disclose the roadmap planning for the next-generation CPU following Verano.
On the client business side, with Intel accelerating its Panther Lake laptop chips based on the 18A process, UBS expects AMD to update the progress of its Ryzen notebook product line, further elaborate on the plan to transition the desktop platform's Zen 6 architecture to a 2nm process, and announce the development progress of Ryzen AI Halo. Ryzen AI Halo is AMD's product aimed at competing with NVIDIA 's DGX Spark, targeting the rapidly emerging personal AI device segment.
Boosted by sustained better-than-expected demand for AI computing and infrastructure, UBS has raised its overall performance forecasts for AMD: FY2026 revenue/diluted EPS increased from $50 billion/$7.61 to $51 billion/$7.69; FY2027 revenue/diluted EPS increased from $79 billion/$13.47 to $83 billion/$14.63. The FY2027 GPU revenue forecast was raised from $38 billion to $41 billion; FY2028 forecast was raised from $54 billion to $61 billion.
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