TLDRAMD stock closed 1.78% higher on August 3 and gained another 2.69% in pre-market trading.Investors are watching AMD’s quarterly earnings report for stronger revenue and earnings per share.Jefferies raised its AMD price target to $640, while Wells Fargo set a $615 target.Barclays issued a $665 target, placing all three forecasts above the $550 level.Demand for AI chips, CPUs, and GPUs continues to support AMD’s growth outlook.Advanced Micro Devices, Inc. (AMD) stock moved closer to the $500 mark on Monday as investors positioned ahead of the company’s quarterly earnings report. Shares closed 1.78% higher on August 3, 2026, after gaining 8.49 points. The stock added another 2.69% in pre-market trading, rising by 13.02 points.Advanced Micro Devices, Inc., AMDThe gains came as traders expected stronger revenue and earnings per share. AMD posted record revenue in the previous quarter, and analysts expect the company to extend that trend. The earnings release is due later today.AMD Stock Gains Support From Bullish TargetsSeveral Wall Street firms have raised their price targets for AMD. Jefferies set a target of $640, while Wells Fargo projected $615. Barclays placed its target at $665, showing broad confidence in the company’s growth outlook.These targets sit well above the current market price. AMD would need to maintain buying support after earnings to move toward $550. Revenue growth, profit margins, and future guidance will likely shape the next move.AI Chip Demand Supports GrowthAMD has benefited from strong demand for chips used in artificial intelligence systems. The company sells both central processing units and graphics processing units, giving it access to two key parts of the data center market.AMD also introduced new chips that it says can compete with products from Nvidia. Demand for agent-based AI tools may support more CPU sales, while continued data center investment could help GPU revenue.Risks Could Limit A Move Toward $550AMD still faces several risks before it can reach $550. Investors remain concerned about the high cost of AI projects. Lower spending by large technology firms could weaken chip demand.Supply chain pressure also remains a concern amid the conflict between the United States and Iran. Higher energy costs could lift inflation and reduce demand for growth stocks. AMD’s earnings results and guidance will determine whether the rally continues during the next few trading sessions.The post Advanced Micro Devices, Inc. (AMD) Stock Jumps Ahead of Results, With $550 in Sight appeared first on Blockonomi.