I'd Own a Small Position in AMD Stock Through 2030, but I Wouldn't Expect It to Triple Again
Can the chipmaker's own earnings target lift its stock back past its October record?
Advanced Micro Devices (AMD) stock has experienced a decline since reaching a record high of $649.42 on October 6, currently trading above $550, which is roughly 15% below its peak. The third-quarter results, scheduled for release on November 3, will significantly impact the stock's future value. AMD's long-term earnings target suggests that by 2030, the stock could range between $600 and $750 per share, representing an annual return of 2% to 8% from the current level.
This forecast is far from the triple growth experienced over the past year, from a low of around $188 to its Oct. 2025 record of $649. In November 2025, AMD projected annual revenue growth of over 35% and earnings per share (EPS) above $20, non-GAAP adjusted, by the end of 2030. However, AMD's EPS grew from $4.17 in 2025 to $1.66 in Q2 2026, which would need to triple to meet the target.
AMD's Helios AI system, set to begin first shipments in the second half of 2026, and significant contracts with OpenAI, Meta Platforms, and Anthropic are key to achieving this growth. If AMD manages to exceed its EPS target of $20 by 2030, the stock could potentially reach $600 to $750 per share. However, the stock's current valuation already accounts for much of the company's anticipated earnings by 2030, leading to an assumption of modest single-digit yearly returns.
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