Advanced Micro Devices Inc.'s stock is staring down a big possible catalyst later this week -- one that is unlikely to sneak in under the radar the way last year's version did.

The company will hold its Advancing AI event on Thursday, and investors expect a host of product news, including around the new MI325X artificial-intelligence accelerator. Broadly speaking, there could be various announcements on AMD's AMD central processing units and graphics processing units, as well as talk about the company's broader software ecosystem.