Advanced Micro Devices (AMD) shares jumped nearly 3% in Monday's premarket session as a broader risk-on mood lifted semiconductor stocks. Nasdaq futures were up 0.74%, and S&P 500 futures gained 0.31%, but the real focus for AMD investors is later this week: the company's Advancing AI 2026 event, set for July 22-23.

The event is expected to showcase AMD's next-generation AI roadmap, including new CPUs and GPUs, as the chipmaker tries to carve out a bigger slice of the fast-growing AI infrastructure market. And according to UBS, the main course will be technology updates — not splashy customer wins or financial forecasts.

In a report published Monday, UBS said the event is likely to center on AMD's data center CPU roadmap, including the upcoming Venice and Verano processors, alongside its GPU lineup featuring the MI450x and MI500. The firm expects AMD to share more details on the MI450x Helios platform, the MI500 series, and possibly early information on the MI600. There should also be updates on AMD's distributed inference strategy and a more optimistic outlook for the server CPU market.

On the CPU side, UBS anticipates AMD will announce volume production of its next-generation EPYC Venice server processor and provide further details on Verano, which is expected to be manufactured using Taiwan Semiconductor Manufacturing Company's (TSM) 2-nanometer process.

Of course, investors are also eager to see whether AMD can expand its AI customer base beyond OpenAI and Meta Platforms (META). But UBS advised lowering expectations for blockbuster customer announcements. The firm still sees Amazon.com (AMZN) as a potential customer for the MI450x and views Anthropic as another possible AI customer.

AMD stock currently carries a consensus Buy rating, with an average analyst price target of $521.47. Recent analyst actions have been bullish: Bank of America raised its price forecast to $620 on July 14, KeyBanc lifted its target to $725 on the same day, and TD Cowen boosted its forecast to $675 on July 13.

For ETF investors, AMD's weight in several popular funds is worth noting. The iShares Semiconductor ETF (SOXX) has an 8.47% allocation to AMD, the ARK Next Generation Internet ETF (ARKW) holds 8.21%, and the Pacer Data and Digital Revolution ETF (TRFK) has 8.22%. Because AMD carries such heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.

As of premarket trading Monday, AMD shares were up 2.87% at $510.00.