Analysts cite AI demand in calls on Amazon, Marvell and AMD

Analysts tracked by TipRanks have maintained buy ratings on Amazon, Marvell Technology and Advanced Micro Devices, tying their cases to cloud, AI infrastructure and data-center demand. The calls come as global equities face pressure from renewed Middle East tensions and investor concern over whether AI-driven infrastructure spending can be sustained, according to CNBC.

TipRanks ranks analysts based on prior performance. The platform’s data cited by CNBC showed three highly rated Wall Street analysts reiterating positive views on companies exposed to cloud computing, custom silicon, optical connectivity and server processors.

Amazon

TD Cowen analyst John Blackledge kept a buy rating on Amazon ahead of its second-quarter results, while cutting his price target to $340 from $350 after adjusting estimates and lifting capital expenditure assumptions slightly, according to TipRanks data cited by CNBC.

Blackledge projected Amazon revenue of $200.1 billion for the quarter, which CNBC said was 2% above Wall Street consensus. His estimate rests on faster growth at Amazon Web Services, continued advertising gains and the timing of Prime Day in the U.S. and other major markets, which fell in the second quarter this year rather than the third quarter last year.

For AWS, Blackledge estimated second-quarter revenue growth of 35.5% from a year earlier, compared with 28.4% growth in the prior-year period. He also placed that estimate 3.4% above consensus. The mechanism behind the call is capacity: Amazon’s AI infrastructure spending is expected by the analyst to ease supply limits and support more generative AI workloads on AWS.

Blackledge also said his third-quarter revenue and operating income estimates were 0.3% and 3.2% above consensus, respectively, citing further AWS acceleration linked to AI demand. TipRanks ranks him No. 771 among more than 12,300 analysts, with profitable ratings 55% of the time and an average return of 11.2%.

Marvell Technology

RBC Capital analyst Srini Pajjuri reiterated a buy rating on Marvell Technology after meetings with management and kept a $360 price target, according to CNBC’s account of TipRanks data.

Pajjuri said the meetings supported his view that Marvell can deliver growth above 40% for the next three years, driven by AI demand, optical connectivity and a larger custom-chip pipeline. He also said tight supply and strong demand have improved revenue visibility.

According to Pajjuri, Marvell’s data-center business remains on course for more than 50% growth this year and next. He said networking growth is exceeding compute growth, helped by agentic AI and inferencing workloads, while optical product lead times have moved beyond six months and XPU customers are placing orders 12 months ahead.

Pajjuri left his estimates unchanged, but CNBC reported that he sees potential upside in optical products in the second half of 2026 and larger possible upside in 2027 and 2028. He also cited Marvell’s scale-across offering as a possible growth driver for 2027 and said scale-up networking could open a multibillion-dollar serviceable market. TipRanks ranks Pajjuri No. 88 among more than 12,300 analysts, with a 75% success rate and an average return of 51.5%.

Advanced Micro Devices

Wells Fargo analyst Aaron Rakers reaffirmed a buy rating on AMD before its scheduled Aug. 4 second-quarter earnings release and raised his price target to $615 from $505, according to CNBC and TipRanks. AMD shares have risen year to date on demand for its AI graphics processors and server CPUs, CNBC reported.

Rakers expects AMD to restate confidence in the MI450 series and Helios ramp beginning in the third quarter of 2026. He raised his server CPU revenue estimates to $16.0 billion for 2026, $20.5 billion for 2027 and $25.0 billion for 2028, implying year-over-year growth of 68%, 28% and 22%, respectively.

The analyst also noted that AMD previously lifted its server CPU total addressable market estimate to $120 billion by 2030, representing a compound annual growth rate above 35%. Rakers’ data-center GPU estimates stand above consensus at $15.6 billion, $40.6 billion and $63.0 billion for 2026, 2027 and 2028, while his client and gaming estimates are below consensus. TipRanks ranks him No. 5 among more than 12,300 analysts, with successful ratings 73% of the time and an average return of 56.8%.

This story draws on original reporting from CNBC.