$NVIDIA(NVDA)$ Cantor Fitzgerald is increasingly positioning AMD as a top momentum name in semiconductors, raising its price target from $500 to $700 while maintaining an Overweight rating.
The key takeaway from the note is relative strength in compute demand, with AMD highlighted as having the strongest near-term momentum among peers.
At the same time, the firm still views Nvidia and Broadcom as undervalued relative to their earnings power, suggesting the AI infrastructure trade remains broadly intact.
However, sentiment on Qualcomm is more cautious, with the argument that its multiple may drift back toward a more traditional smartphone-cycle valuation rather than a compute-driven rerating.
Overall, this reflects a clear hierarchy emerging within semis: AI compute leaders versus legacy handset exposure.
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