# HSBC downgrades Advanced Micro Devices stock to hold from buy.

*semiconductor · news · 2026-05-04 · CNBC*

## Key points

- HSBC downgraded AMD stock to hold from buy despite raising the price target to $340.
- HSBC expects AMD's first and second quarter revenues will merely match, not exceed, consensus estimates.
- Analyst Frank Lee cites AMD's dependency on TSMC and tightening 3nm foundry capacity as a constraint.
- HSBC believes AMD cannot capitalize on unexpected 2026 server CPU demand, limiting unit growth upside.

**Companies:** Advanced Micro Devices, TSMC
**Countries:** United States, Taiwan

[Read the full story on CNBC](https://www.cnbc.com/2026/05/04/advanced-micro-devices-to-give-up-gains-on-predictable-earnings-report-hsbc-says.html)

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