According to CNBC, William Blair raised Advanced Micro Devices (AMD) to outperform from market perform and downgraded Nvidia to market perform from outperform, citing a potential opportunity for AMD amid scrutiny of Nvidia. Analyst Sebastien Naji said the scrutiny and a potential leadership vacuum at Nvidia could help AMD win custom programs and increase CPU sales, although competition from application-specific integrated circuits remains a risk to AMD's Instinct business, particularly at Meta and OpenAI. Naji also cited delays and supply constraints in Intel's Xeon roadmap and forecast that AMD's lead would widen as it addresses a $220 billion server CPU market in 2030, a year ahead of Intel; he said AMD's revenue share could exceed the low- to mid-40% range cited when William Blair initiated coverage. Nvidia shares have fallen 16% since Nov. 3, while AMD shares are up 14% over the same period.