Initially entering the year with heavy momentum, Advanced Micro Devices, Inc. (NASDAQ:$AMD) has been slowly sliding since its second-quarter guidance in May. On the bright side, AMD has seen a comeback thanks to a blowout performance during the second quarter.

While some analysts believe that the stock is fairly valued after rising rapidly over the past year, others remain divided over AMD’s upside potential. Since its third-quarter report is set to release on Oct.24th, tensions are higher, ever in lieu of stock price turbulence.

Wall Street is predicting AMD revenue to increase around 15% year-over-year to a total of $1.51 billion, which will push its earnings per share to $0.08 from $0.03 in the year prior. Further, AMD could drastically benefit from cryptocurrency-led GPU demand, which increased from 30% to 50%. The Robust GPU demand has boosted chip priced by 25% in the past 6 months alone, which will undoubtedly augment AMD’s margin profile and earnings.

AMD has also directly gained more ground over competitor NVIDIA (NASDAQ:$NVDA) in the GPU space, adding 1.9% of market share during the second quarter.

The company is set for a strong finish to the year in light of its recent contract wins. Even recently, AMD has broken NVIDIA”s vise-like grip over Amazon’s (NASDAQ:$AMZN) AppStream 2.0 application, sealing its spot as the serve GPU for the Graphics Design of the app.

Even further, even Alibaba (NASDAQ:$BABA) has decided to join forces with AMD. The Chinese e-commerce giant will now be using AMD’s chips to power its cloud service, instead of going with its original partner NVIDIA.

Given all these optimistic statistics, AMD will likely reveal a more than stellar third-quarter earnings report and guidance. The result? AMD stock will once again gain back its bullish momentum.

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