Zourmpanos said: “Wall Street is still chasing the flash of AI training, but the real gold rush is in inference, and AMD is already laying the tracks.”

He said AMD doesn’t need to dethrone Nvidia to win. It simply needs to be the “first-choice alternative.”

With data centre revenues doubling in 2024, most firms would be bathing in green. Not AMD. The market isn’t sold, not yet. But Zourmpanos sees big upside if AMD claws just 15 to 20 per cent of the AI inference pie, turning it into a multi-billion-dollar thorn in Nvidia’s side.

And AMD’s already showing up where it matters. Microsoft, Lenovo, and the Grey Box Shifter HP are all baking AMD silicon into their PCs, a sign that its chips—while perhaps not benchmark destroyers—are “fully capable” of serving personal AI needs.

“AMD doesn’t necessarily need to win the race in AI chips completely. It simply must be the first-choice alternative,” Zourmpanos said.

He’s slapped a “Strong Buy” on the stock, and he’s not alone. Of 36 analysts, 24 say “Buy,” 12 say “Hold,” and not a single soul is brave—or daft—enough to shout “Sell.” With a 12-month average target of $146.87, that’s an 89 per cent leap from today’s levels.

Training may be glamorous, but inference pays the rent. And AMD, battered stock or not, might just be in the right spot at the right time.