“While AMD has made significant progress, we view Nvidia hardware as generally ahead by 0.5-1 year, particularly in the system/rack approach, where AMD currently has no experience of building in large scale,” wrote BofA Securities analyst Vivek Arya in research note on Wednesday. He rates AMD stock at Buy with a $200 price target.

Advanced Micro Devices Inc. earnings are expected to show the chipmaker is increasingly benefiting from the artificial intelligence arms race. The question is whether it’s enough to justify a rally that has outpaced Nvidia Corp.

While Nvidia dominates in AI GPUs, analysts still see room for AMD to capture a meaningful slice of the market.