KeyBanc Sees Steady Cloud Growth Resuming Led By Intel; Nvidia, AMD - Alibaba Gr Holding (NYSE:BABA), NVIDIA (NASDAQ:NVDA), Intel (NASDAQ:INTC), Advanced Micro Devices (NASDAQ:AMD)

The May results indicate cloud instances resumed solid sequential growth driven by computing processors as per KeyBanc analyst John Vinh.
He noted that the growth was led mainly by Intel Corp INTC instances, while NVIDIA Corp NVDA and Advanced Micro Devices, Inc AMD instances increased modestly.
Ice Lake primarily drove INTC CPU instances. NVDA GPU instances grew led by the ramps of Ampere, mostly at Alibaba Group Holding Limited BABA.
AMD CPU instances increased with Milan deployments.
Vinh views these results as moderately positive for INTC, given modest share gains in the cloud for the first time since September 2021.
Vinh maintained an Overweight on AMD with a price target of $150 (80% upside).
Vinh maintained a Sector Weight and a price target of $40 on INTC (7% upside).
Vinh maintained an Overweight with a price target of $250 on NVDA (53% upside).
Price Action: AMD shares traded lower by 1.35% at $82.62 on the last check Thursday.