AMD forecasts $2 billion sales of AI chips, helping shares rebound

AMD forecast fourth-quarter revenue and gross margins below Wall Street estimates, hurt by a weak gaming market as well as a decline in demand from some industries for its programmable chips.

The company said it expects $400 million in revenue from the chip in the fourth quarter, up from the $300 million forecast the company had given in August. Su gave investors a 2024 sales forecast for the first time for the MI300 chip, of $2 billion. Intel last week said it expects demand from that segment to decline and stay down for the"next few" quarters. That same slowdown appears to be hitting AMD's Xilinx business for programmable chips, which is known for its high margins.

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