Goldman Sachs analyst Toshiya Hari noted the group's recent advances in a note that lowered both its rating and price target for AMD heading into its fourth quarter earnings report later this month.

The semiconductor maker has underperformed peers amid a contrast between the haves and the have-nots in the chip sector, the bank says.

Key Takeaways Advanced Micro Devices shares fell Wednesday after a double downgrade by analysts at HSBC to "reduce" from "buy."The firm cut its forecast for AMD's artificial intelligence chip revenue in 2025 and said an upcoming chip from the company is unlikely to compete with Nvidia's offerings.