AMD (AMD) shares declined 6% on Friday, a move potentially triggered by a report from SemiAnalysis suggesting the chipmaker could encounter production delays for its next-generation MI450-series artificial intelligence accelerators.

However, Wells Fargo countered with a note expressing high confidence that AMD's MI450 is, in fact, not experiencing any delays, and anticipates production will begin ramping up in the second half of 2026.

"Our checks indicate AMD's progress on TSMC's N2 (2nm) process remains on schedule, having already completed the tape-out phase, with Venice EPYC samples shipped—utilizing the same process node designated for the MI450-series," stated Wells Fargo analysts, led by Aaron Rakers. "We expect AMD to reaffirm its confidence in the MI450-series ramp commencing in the second half of 2026, with volume weighted toward the fourth quarter and involving partners like OpenAI, Oracle, and others."

Wells Fargo reaffirmed its Overweight rating and a $345 price target for AMD.

AMD is scheduled to announce its fourth-quarter financial results and provide guidance for 2026 after the market closes on Tuesday, February 3. Consensus estimates project AMD will report adjusted earnings per share of $1.32, GAAP EPS of $0.83, and revenue of $9.67 billion, which would signify a 26% increase compared to the previous year.