KeyBanc has downgraded Advanced Micro Devices (AMD) to Sector Weight from Overweight, citing increasing concerns about the sustainability of its AI business in China, potential risks to gross margins due to a looming price war with Intel, and limited opportunities for market share gains. This downgrade follows a broader trend of market caution regarding AMD's competitive landscape, particularly against rivals like Nvidia and Intel. In a separate development, Morgan Stanley has named Netflix (NFLX) as its new top pick in the media and entertainment sector, replacing Disney. The firm maintains an Overweight rating on Netflix, projecting over 30% upside to a price target of $1,150, and views the recent stock pullback as a buying opportunity. This decision reflects confidence in Netflix's content strength and advertising tier traction, despite trimming advertising estimates for the company.