AMD Soars 8% as AI Chip Sales Prediction Bodes Well

📆 11/1/2023 6:08 PM
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Shares of Advanced Micro Devices jumped 8% Wednesday, after an upbeat AI chip sales forecast signaled the company was making progress in its bid to catch up with market leader Nvidia.

The optimism over AI chip sales helped ease worries about a disappointing fourth-quarter forecast and put it on course for market value gains of nearly $13 billion, based on the $106.41 share price.

She projected annual sales of more than $2 billion, and raised the chip's current-quarter revenue expectations by $100 million."Hitting this milestone is likely a key first step towards proving AMD is the clear second source to Nvidia in the AI accelerator market," said analysts at TD Cowen. AMD's shares have gained 61% this year through last close, but those gains pale in comparison to Nvidia's 184% rally.

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