AMD Shares Climb 9% On AI Optimism Despite Lowering Guidance

Key Takeaways

  • Shares of chipmaker Advanced Micro Devices (AMD) leaped more than 9% Wednesday after the company said sales of its AI chips could top $2 billion next year.
  • However, revenue for the current quarter is expected to be $300 million below analysts’ consensus estimates.
  • AMD is ramping up its investments in artificial intelligence (AI) in an effort to catch up to its bigger rival Nvidia, a leader in the global AI race.
  • The company’s MI300 processor, which the company has described…

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