Shares of Advanced Micro Devices (NASDAQ: AMD) jumped on Wednesday after the chipmaker's financial results helped assuage investors' fears of a worsening tech downturn. As of 3:15 p.m. ET, AMD's stock price was up more than 12%.
AMD's revenue rose 16% year over year to $5.6 billion in the fourth quarter. Strength in the semiconductor-leader's data center and embedded divisions more than offset weakness in its client and gaming segments.
AMD's data center revenue soared 42% to $1.7 billion, driven by the continued growth of the cloud computing market and strong sales of its highly regarded EPYC server processors. AMD's new chips are helping it take market share from rival Intel, which has struggled with costly production delays.
Source Fool.com