Advanced Micro Devices ( AMD ) is gearing up to showcase new tech at its 2024 Advancing AI event on Thursday, which Bank of America analysts said could be a “catch-up catalyst” for the chipmaker.

AMD is expected to highlight its line of Instinct GPU accelerators and EPYC server processors at the event, and could potentially offer a glimpse into how it plans to capture a larger share of the AI accelerator market.

Analysts expect a followup to AMD’s MI300 series of accelerators launched in the fourth quarter of 2023. The company is off to a strong start in its first year of accelerator sales, Bank of America analysts said in a note Wednesday, guiding for more than $4.5 billion in sales this year.

How AMD Could Grow Its AI Market Share

The big question is how large of a market share can it command with Nvidia ( NVDA ) dominating the AI sector. The current analyst consensus suggests that AMD is expected to hold a roughly 5% to 7% share of the AI accelerator market over the next couple years (while Nvidia’s share is north of 80%). However, if it could show a path to 10% by the end of 2026, the company would add about $5 billion in sales, Bank of America said.

What could help is the announcement of high-profile companies that use AMD’s MI300 series accelerators. Analysts said they believe AMD’s MI300X is already used by Microsoft ( MSFT ), Oracle ( ORCL ), and Meta ( META ), and others could be announced at the event.

Shares of AMD jumped nearly 10% the day after last year’s AI event in December, and could surge again after this year’s event.

The stock climbed nearly 5% Friday to $170.90 and is up about 16% so far this year, thanks to surging AI demand .