Advanced Micro Devices, Inc. (NASDAQ:AMD) shares traded lower Thursday as the company hosted its "Advancing AI 2024" event.

The Details: AMD launched several new high-performance computing solutions at the event, including fifth Gen AMD EPYC server CPUs, AMD Instinct MI325X accelerators, AMD Pensando Salina DPUs, AMD Pensando Pollara 400 NICs and AMD Ryzen AI PRO 300 series processors for enterprise AI PCs.

"The data center and AI represent significant growth opportunities for AMD, and we are building strong momentum for our EPYC and AMD Instinct processors across a growing set of customers," said AMD Chair and CEO Dr. Lisa Su.

"With our new EPYC CPUs, AMD Instinct GPUs and Pensando DPUs we are delivering leadership compute to power our customers' most important and demanding workloads. Looking ahead, we see the data center AI accelerator market growing to $500 billion by 2028," added Su.

Several partners, including Dell, Google Cloud, HPE, Meta, Microsoft and Super Micro, showcased how they deploy AMD's AI solutions at scale. Microsoft CEO Satya Nadella pointed to the company's long-standing collaboration with AMD across its product offerings and Google highlighted how AMD EPYC processors power a wide range of instances for AI, high performance and general purpose and confidential computing.

According to data from Benzinga Pro, AMD shares moved on heavy volume during Thursday's event and are trading above the stock's 50-day moving average of $149.92.

Will AMD Stock Go Up?

When trying to assess whether or not Advanced Micro Devices will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $191.19 on Advanced Micro Devices. The Street high target is currently at $250 and the Street low target is $156. Of all the analysts covering Advanced Micro Devices, 14 have positive ratings, two have neutral ratings and no one has a negative rating.

In the last month, three analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Advanced Micro Devices have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Advanced Micro Devices is 18.47% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Advanced Micro Devices, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

AMD Price Action: According to Benzinga Pro, AMD shares ended Thursday's session 4% lower at $164.18.

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