Long positioned as a direct rival to Nvidia, AMD is benefiting from a new growth driver with its processors as companies shift from training AI models to deploying them. Notably, the group has entered into an agreement with Meta Platforms that could reach $60bn over 5 years, including a potential equity stake of up to 10%. On the stock market, the share price has already surged about 60% since the beginning of the year, outperforming Nvidia and the Philadelphia semiconductor index.

However, competition remains intense, particularly with Intel ramping up its production capacity to meet growing demand. AMD remains dependent on the limited capacity of the foundry TSMC, which could constrain its expansion. Furthermore, the sector is facing a global memory shortage linked to the demand for high-bandwidth components, a situation likely to lead to price increases and weigh on certain segments such as consumer electronics.