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KeyBanc Sees Steady Cloud Growth Resuming Led By Intel; Nvidia, AMD



  • The May results indicate cloud instances resumed solid sequential growth driven by computing processors as per KeyBanc analyst John Vinh.
  • He noted that the growth was led mainly by Intel Corp INTC instances, while NVIDIA Corp NVDA and Advanced Micro Devices, Inc AMD instances increased modestly. 
  • Ice Lake primarily drove INTC CPU instances. NVDA GPU instances grew led by the ramps of Ampere, mostly at Alibaba Group Holding Limited BABA
  • AMD CPU instances increased with Milan deployments. 
  • Vinh views these results as moderately positive for INTC, given modest share gains in the cloud for the first time since September 2021.
  • Vinh maintained an Overweight on AMD with a price target of $150 (80% upside).
  • Vinh maintained a Sector Weight and a price target of $40 on INTC (7% upside). 
  • Vinh maintained an Overweight with a price target of $250 on NVDA (53% upside).
  • Price Action: AMD shares traded lower by 1.35% at $82.62 on the last check Thursday.
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