Despite Advanced Micro Devices (AMD) shares surging roughly 180% over the past year to above $480, an analyst suggests a stock split is unlikely in the near term. The analysis indicates that a split would primarily be a cosmetic price reduction, offering little fundamental benefit beyond a temporary boost in visibility. Instead, smart investors are focusing on AMD's product transitions to its new MI400 series chips and significant customer wins in the artificial intelligence (AI) data center landscape, including multi-year commitments from Meta Platforms, OpenAI, Anthropic, Microsoft, and Oracle.