Corporate America just kicked off a new quarterly earnings season. Over the next few weeks, hundreds of companies will report their latest financial results, but Wall Street will be most focused on those leading the artificial intelligence (AI) race.

Wall Street forecasts Advanced Micro Devices will report revenue of $7.53 billion for Q4, up 22% year-over-year, in-line with management guidance of $7.5 billion, plus or minus $300 million. Earnings of $1.09 per share, a 41.5% increase, are expected.

Melius downgraded shares of chip maker Advanced Micro Devices to Hold from Buy, and cut the target price to $129 from $160.