One of them is starting to look different, and Bank of America just made that case in writing. By the following morning, he had a new price objective and a significantly expanded view of how large AMD's AI market opportunity could become. The bank raised its price objective on AMD to $620 from $560, reiterating a buy rating, with AMD shares trading at $554.23 on July 24. How Bank of America is reframing AMD's AI market positionThe language Bank of America used in the note is worth paying attention to. The bank said AMD has "successfully transitioned from a merchant GPU vendor to a full-stack, rack-scale accelerator systems supplier."