Abstract of AMD note TP increased to $640 (based on 45x 2027E EPS or 32x 2028E EPS), with EPS revised up by +2%/+11% for 2026E/2027E. Advancing AI & Customers: AMD is expected to unveil Anthropic as its third GW-level customer, likely exceeding Meta/OpenAI deal scales in 2027, alongside Microsoft's deployment of the Helios rack-scale solution announced on July 20. As such, we believe 2027 its GPU demand visibility is 40–50% above current CoWoS supply, suggesting room for upward revision. GPU Roadmap: AMD is narrowing the hardware gap with the MI450X and pulling ahead of Nvidia with the MI550X (featuring a 4-die package and larger HBM). Datacenter CPU & Venice: Venice's strong CPU cycle, driven by a robust supply chain build plan of ~5m in 2027 and higher server CPU TAM, is expected to lift datacenter CPU ASPs by 30–35% YoY in 2027. Near term likely a price hike in late-3Q26. Upcoming Earnings: The earnings call on Aug 4 is anticipated to be a non-event with 2Q/3Q revenue expected at $11.4bn/$12.2bn and 3Q margin moving higher. #AMD# #AI#