AMD Just Hit an All-Time High. SpaceX Is Getting Wall Street Coverage. Here's Why Both Could Be Buys.

The first week of July 2026 is shaping up to be an interesting one for investors tracking the AI trade. Advanced Micro Devices (AMD) surged to a new all-time high of $584.73 on July 1, 2026, while SpaceX (SPCX) attracted fresh Wall Street coverage from one of the Street's most high-profile tech analysts. Both stories point to the same underlying theme: the AI buildout has more runway left.

Advanced Micro Devices: The Nvidia Challenger Nobody Is Ignoring Anymore

AMD has been one of the defining stock stories of 2026. From a 52-week low of $133.50, the stock ran as high as $584.73 — a gain of 338.0% from its low to peak — before pulling back slightly to $540.88 in after-hours trading on July 1. The stock now carries a market cap of $881.96B.

The catalyst driving the latest leg higher was a pair of aggressive analyst upgrades. On June 30, 2026, Wells Fargo analyst Aaron Rakers raised his price target to $615.00, maintaining an Overweight rating, and cited accelerating demand for server CPUs as enterprise customers shift from AI training to AI inference workloads. A day earlier, Cantor Fitzgerald's C.J. Muse raised his target to $700.00 — also Overweight — calling AMD "the greatest momentum story in compute." UBS separately raised its target to $670.00 on June 24, 2026.

The financials back up the bull case. In Q1 2026 (ended March 31, 2026), AMD reported revenue of $10.25B, gross profit of $5.42B, and net income of $1.37B. Diluted EPS came in at $0.85, with gross margins of 52.8% and net margins of 13.4%. AMD guided Q2 2026 revenue to approximately $11.20B at the midpoint — implying roughly 46% year-over-year growth — which would represent another record quarter if achieved.

Across 31 covering analysts, 80.6% maintain bullish ratings. The average price target sits at $504.58, which now trails the stock's current price following the recent surge — meaning the Street is actively playing catch-up. The high target of $700.00 from Cantor implies nearly 29% upside from current levels.

The risk is valuation. At a trailing P/E of 118.10 on EPS of $4.58, AMD is priced for a growth story that must keep delivering. Q2 2026 earnings are expected in late July, and that report — particularly Data Center segment revenue and Instinct GPU commentary — will be the next major test.

SpaceX: The Hyperscaler Nobody Saw Coming

SpaceX (SPCX) is trading at $157.72 per share, down 30.1% from its 52-week high of $225.64 — having pulled back sharply since its June 12, 2026 IPO priced at $135.00. But on July 1, 2026, Wedbush analyst Dan Ives initiated coverage with an Outperform rating and a $190.00 price target, framing the company in a way that turned heads: he called SpaceX "much more of an AI play" than most investors realize.

Ives' thesis centers on the Starlink satellite internet business, which he believes is still in the early innings of penetrating the global broadband market, and on SpaceX's Colossus AI computing clusters, which are attracting growing deal flow. He also highlighted the reusability of the Starship rocket as the key cost-reduction mechanism that makes the economics of the entire business work at scale. His $190.00 target implied roughly 11% upside from the July 1 close of $170.86.

The more aggressive call came from Oppenheimer's Timothy Horan, who in June raised his price target to $250.00 — representing 58.5% upside from the current price of $157.72. SpaceX carries a market cap of $2.06T at current prices.

SpaceX is not yet profitable on a GAAP basis, which shows up in the negative P/E ratio. This is a company investors are valuing on future potential — specifically, the convergence of satellite internet, AI infrastructure, and reusable rocket economics — not trailing earnings. That makes it a higher-risk position than AMD, but also one with a longer-duration payoff if the business executes.

Two Stocks, One Thesis

AMD and SpaceX represent different risk profiles within the same macro trend. AMD is the more established play: profitable, growing rapidly, and backed by a deep bench of Wall Street analysts who have consistently raised estimates throughout 2026. SpaceX is the longer-horizon bet — a recently public company with a $2.06T market cap, multiple analyst initiations in its first weeks of trading, and a story that is still being written.

Both Q2 earnings season — which kicks off the week of July 14, 2026 — and the June jobs report, moved to Thursday July 3, 2026 due to the Independence Day holiday, will help set the tone for how AI-exposed names perform in the weeks ahead.