Advanced Micro Devices (NASDAQ: AMD) is one of the many tech firms that shifted their focus to the booming artificial intelligence (AI) market in the last year.

Excitement over the company's prospects in the industry has seen its shares soar 101% since last January, rallying investors with a new AI chip and partnerships with tech leaders such as Microsoft and Meta Platforms.

AMD made headlines last week when it released earnings for its fourth quarter of 2023. The chipmaker beat Wall Street estimates on revenue and met forecasts for earnings per share. However, weaker-than-expected guidance for 2024's first quarter saw its stock temporarily dip 6% in extended trading on Jan. 30.

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Source Fool.com