Bank of America 13F: Cuts AMD Stake by $1.4B

Bank of America reduced its stake in Advanced Micro Devices, Inc. (NASDAQ: AMD) by 19.7% during the quarterly period ending May 18, 2026. The financial institution disclosed the change in its latest Form 13F filing with the Securities and Exchange Commission. Institutional filings like these provide a retrospective look at a fund's holdings at a specific point in time rather than their current daily portfolio.

Details of the Institutional Sell-Off

Bank of America parted with 2,489,248 shares of the semiconductor designer. This transaction lowered the bank's total stake to 10,161,481 shares, down from its prior position of 12,650,729 shares. Based on the pricing at the time of the filing, the remaining investment was worth $5,740,119,150.94. The bank had an average cost basis of $97.47 per share on its holdings.

AMD Stock Price Movement Since the Filing

Since the period covered by the filing, the chipmaker's stock has shown substantial upward momentum. On Friday, shares of the company closed at $564.89. Over the past year, the stock has traded in a wide range, hitting a low of $188.22 and reaching as high as $658.52. The current price puts the stock well ahead of its 50-day moving average of $536.35, as well as its 200-day moving average of $392.68. This indicates a strong, sustained upward trend over the medium and long term, even after the bank decided to scale back its exposure.

Wall Street Analysts Raise Price Targets

Equity research analysts have kept a highly favorable outlook on the company. On October 6, 2026, Citigroup kept a Buy rating on the stock and increased its target price from $575.00 to $800.00. On that same day, Mizuho maintained its Outperform rating and bumped its price target from $580.00 to $705.00. Stifel also backed the stock on October 5, 2026, keeping a Buy rating and lifting its target to $700.00.

Earlier, on September 25, 2026, B of A Securities maintained its own Buy rating on the chipmaker with a $720.00 target price. Piper Sandler initiated coverage on September 10, 2026, with an Overweight rating and a $600.00 target. This wave of positive adjustments followed an upgrade on August 25, 2026, when Raymond James raised the stock to a Strong Buy and adjusted its target to $641.00. Out of 50 analyst opinions, the stock carries a strong buy recommendation with an average target price of $636.21.

Recent Earnings and Financial Health

Advanced Micro Devices continues to demonstrate strong financial growth. In its most recent financial disclosures, the firm reported annual revenue of $41,305,001,984, which represents a 50.1% increase in revenue growth. The company posted earnings per share of $3.92, alongside a return on equity of 10.20% and a net profit margin of 15.58%. Investors are looking forward to the next quarterly earnings update, which is scheduled for November 3, 2026.

Leading the Semiconductor Market

Advanced Micro Devices designs high-performance microprocessors, graphics cards, and artificial intelligence accelerators. The company serves global markets, providing hardware for personal computers, gaming consoles, and massive cloud data centers. As demand for artificial intelligence infrastructure has surged, the firm has positioned itself as a primary competitor in the high-end computing market, which explains the high level of interest from institutional investors.

What's Ahead for Advanced Micro Devices, Inc.

While Bank of America's decision to trim its position represents a notable adjustment, other institutional peers have taken different paths. For instance, First Citizens Bank & Trust boosted its AMD holdings by over 207% in October, while Kmg Fiduciary Partners trimmed its position by 11.9%. Investors will want to keep a close eye on the upcoming November earnings release to see if the company's financial performance continues to justify its premium valuation, which currently stands at a forward price-to-earnings ratio of 35.685154.