Why Advanced Micro Devices Rallied 76% During the First Half of 2023
Advanced Micro Devices (NASDAQ: AMD) shares are up 75.9% through the first six months of this year, according to numbers provided by S&P Global Market Intelligence. The stock was able to overcome a sizable year-over-year dip in first-quarter revenue and lackluster Q2 guidance, driven higher by hope for continued growth of its data center business.
The company's recent and forecasted results are anything but great. After a solid fiscal 2022, AMD's first-quarter top line slipped 9% year-over-year, largely thanks to the weakening personal computer market. For the same reason, sales for the quarter ending in June are predicted to tumble by nearly 20%.In fact, shares briefly stumbled following the release of its Q1 numbers, which were short of top-line estimates.
Investors are keeping the bigger bullish picture in mind, however, bidding Advanced Micro Devices stock higher on hopes for its fast-growing data center business. The advent of artificial intelligence (AI) will fuel this growth.
Source Fool.com
Advanced Micro Devices Inc. Aktie
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