Wall Street forecasts Advanced Micro Devices will report revenue of $7.53 billion for Q4, up 22% year-over-year, in-line with management guidance of $7.5 billion, plus or minus $300 million. Earnings of $1.09 per share, a 41.5% increase, are expected.

At least four analysts have lowered their ratings on the chip stock so far this year, with the latest being Ben Reitzes of Melius Research. “We should have done this 10 months ago after an epic run for AMD,” he wrote, as he moved to a hold rating from his prior buy stance.

Reitzes downgrades AMD to Hold, lowers price target to $129. Cautious on x86 servers & PCs due to Nvidia competition. Slashes estimates below consensus.

The innovation could accelerate the adoption of edge AI, an area in which AMD excels. AMD's stock suffered from the same news dragging down much of Silicon Valley today: the release of a new artificial intelligence (AI) model out of China that rivals the best U.