Shares of Advanced Micro Devices (NASDAQ: AMD) gained 2.7% in after-hours trading on Tuesday following the chipmaker's release of its second-quarter 2023 report.

The stock's pop is attributable in part to the quarter's revenue and earnings exceeding Wall Street's estimates. Another catalyst for the rise was likely CEO Lisa Su's statement in the earnings release pertaining to artificial intelligence (AI):

Our AI engagements increased by more than seven times in the quarter as multiple customers initiated or expanded programs supporting future deployments of Instinct accelerators at scale. We made strong progress meeting key hardware and software milestones to address the growing customer pull for our data center AI solutions and are on-track to launch and ramp production of MI300 accelerators in the fourth quarter.

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Source Fool.com