AMD's Q3 Growth and Future AI Chip Sales Drive Positive Outlook
TL;DR Summary
Advanced Micro Devices (AMD) reported better-than-expected earnings for Q3, with sales and earnings rising 4% YoY. However, the company's Q4 outlook fell short of analysts' expectations. Despite this, AMD forecasted higher-than-expected sales of its new artificial intelligence (AI) chips for data centers, including a prediction of over $2 billion in sales of the MI300 AI accelerators in 2024. This news boosted AMD stock by 9.7%. Analysts have cut their price targets on AMD stock due to the Q4 guidance miss, but still see potential for growth in the AI chip market, positioning AMD as a competitor to Nvidia.
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- AMD Earnings, UK AI Summit, The Fed & Valuations Bloomberg
- AMD gives soft fourth-quarter guidance, but expects to sell $2 billion of AI chips next year CNBC
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