AMD Is Quietly Taking Aim at a Big Growth Opportunity

The novel coronavirus pandemic has given the cloud gaming market a shot in the arm. Online gaming services like NVIDIA's (NASDAQ: NVDA) GeForce Now and Microsoft's (NASDAQ: MSFT) Project xCloud have seen a surge in traffic as shelter-in-place orders and lockdowns across the globe have kept people confined to their homes.

So the COVID-19 outbreak could prove to be a blessing in disguise for the cloud gaming industry, which is still in its early phases of growth. Newzoo estimates that the cloud gaming market could clock a compound annual growth rate of 123% through 2023, generating $5.1 billion in revenue in an optimistic scenario. This could be a big deal for Advanced Micro Devices (NASDAQ: AMD), as the tech giant has been gradually expanding its reach in the cloud gaming space.

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Source Fool.com