$AMD Rosenblatt Reiterates Buy ahead of Q3 PT $250

We see $Advanced Micro Devices (AMD.US)$ delivering to 3Q24 expectations and 4Q24 outlook with a bias for slight upside on EPYC CPU and MI300/325 share gaining ramps offset by slight embedded growth and double-digit declines in consoles. We believe the shares are set to outperform the group after several quarters of Street skepticism that MI300 could possibly gain any relevant market share and mixed quarter results (consoles and embedded/Xilinx). Our checks point to chiplet/tile GPU yields as trending better than was expected (points to upside potential on incremental demand and/or fewer wafers). Interestingly, we see Nvidia Blackwell yields a bit weaker after the metallization fix and the monolithic die approach in the current cycle. We believe AMD will capture double-digit GPU compute share in the next year which we see as not aggressive and does not require a significantly superior solution vs. Nvidia; though MI300/325/350 should incrementally show improving competitive positioning