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UBS says AMD is expected to attract more customers and expand its semiconductor chip business, driving its stock price further up. UBS has given AMD a "buy" rating and has raised its price target for the next 12 months from $670 to $700, implying a 28% upside from Tuesday's closing price. UBS analyst Timothy Arcuri wrote in a report on Wednesday, "On the customer side, we have always believed that Amazon will be a key customer for MI450x and now we believe Anthropic might also appear on the customer list. Additionally, we may see AMD partnering with Cerebras Systems to develop fast inference solutions... and may announce further expansion and deepening of its layout in the field of data center custom application specific integrated circuits (ASICs)." AMD's stock price has doubled in the past three months, with a total increase of 112% as of Tuesday.