Shareholders of chipmaker Advanced Micro Devices (NASDAQ:AMD) can breathe a sigh of relief after the company provided a positive update on recent claims of a data breach by a threat actor.
AMD’s New Data Breach
Earlier, IntelBroker, a moderator on the Breach Forums platform, had put alleged AMD data up for sale. The stolen data files included details of AMD’s upcoming products, customer databases, source code, and employee databases. AMD’s investigation into the claim indicates intruder access to only limited company information. Importantly, AMD does not expect the data breach to substantially impact its operations.
AMD is the second-biggest producer of PC processors and a key competitor of NVIDIA (NASDAQ:NVDA). Consequently, a cyberattack of a wider nature could have had a ripple effect on the broader tech sector. Notably, while hackers did manage to get their hands on AMD’s data, their access seemed to originate from a third-party vendor site.
AMD’s Previous Data Breach
Meanwhile, this isn’t AMD’s first face-off with hackers. In 2022, the hacking group RansomHouse claimed access to 450GB of AMD’s data. At the time, the data breach was attributed to weak passwords set by AMD’s employees. According to TechCrunch, the company’s employees used rather simple passwords such as “password” and “123456.”
Is AMD a Buy, Sell, or Hold?
Still, all is well that ends well and investors are pushing AMD’s share price in the green today already. Overall, the Street has a Strong Buy consensus rating on the stock, alongside an average AMD price target of $191.03. This points to a substantial 23.54% potential upside in the chipmaker’s share price.
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