AMD rises as AI chip sales prediction bodes well for rivalry with Nvidia

- Shares of Advanced Micro Devices jumped nearly 6% on Wednesday, after an upbeat AI chip sales forecast signaled the company was making progress in its bid to catch up with market leader Nvidia.

CEO Lisa Su on Tuesday provided a 2024 sales forecast for the first time for the MI300 chips, designed to compete against the advanced H100 chips sold by Nvidia. The CEO also said the MI300 chips had won commitments from"multiple, large hyperscale customers", a term that refers to large tech and cloud computing companies.

Still, the conservative forecast and weakness in several of AMD's markets led at least 18 analysts to cut their price targets on the stock, pushing down the median view to $130, per LSEG data.

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