On November 9, Oppenheimer upgraded AMD to Outperform from Perform and set a $600 price target, implying about 33.6% upside from its November 6 close of $449.04. According to Sina Finance, Oppenheimer raised its earnings estimates after AMD's latest earnings report and discussions with management, citing strong data center performance and accelerating AI chip sales; it expects data center revenue to grow about 135% in 2027, accounting for 85% of total revenue, with AI GPU revenue exceeding EPYC server CPU revenue, which is also expected to more than double next year. AMD management expects overall revenue growth to exceed 80% in 2027 despite supply constraints. Oppenheimer expects OpenAI and Meta to be near-term drivers of AMD's data center AI business, with demand related to Anthropic expanding from the end of the first quarter of 2027. It also estimates that capital expenditure by the world's five largest cloud service providers will reach about $1.3 trillion in 2027, compared with $800 billion this year.