Advanced Micro Devices Stock Pops on Artificial Intelligence (AI) Chip Sales Growth and an Increase in 2024 AI Chip Revenue Guidance
Shares of Advanced Micro Devices (NASDAQ: AMD) rose 7.6% in Tuesday's after-hours trading following the chipmaker's release of its second-quarter 2024 report.
The stock's rise is attributable to several factors, including the quarter's revenue and earnings, along with third-quarter revenue guidance, all beating Wall Street's expectations. No doubt, investors were also pleased that management increased its guidance for 2024 data center artificial intelligence (AI)-enabling graphics processing unit (GPU) chip revenue. It now expects this metric to exceed $4.5 billion, up from its guidance of $4 billion in April, CEO Lisa Su shared on the earnings call.
AMD's year-over-year growth was driven by strong performances by the data center and client segments.
Source Fool.com
Advanced Micro Devices Inc. Stock
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