AMD beats estimates on near-doubling of data center revenues
The semiconductor giant’s third-quarter earnings beat Wall Street estimates on record demand for its AI chips, boosting one of the year’s best-performing tech stocks after market close. AMD’s third-quarter earnings beat Wall Street estimates Tuesday on record demand for its AI chips, with the US company’s data center revenue nearly doubling from last year. The robust figures boosted one of the year’s best-performing tech stocks after market close, following a shaky few weeks in the AI trade. Disappointing hyperscaler results have swept up AI-exposed firms in a tech-wide selloff: Intel, in particular, saw its steepest single-day drop in 50 years on renewed jitters over firms’ big AI investments. To satisfy mounting investor expectations, AMD needed “not just a beat, but a significant beat that comes with a pretty significant outlook,” a portfolio manager told Bloomberg.
The semiconductor giant’s third-quarter earnings beat Wall Street estimates on record demand for its AI chips, boosting one of the year’s best-performing tech stocks after market close. AMD’s third-quarter earnings beat Wall Street estimates Tuesday on record demand for its AI chips, with the US company’s data center revenue nearly doubling from last year. The robust figures boosted one of the year’s best-performing tech stocks after market close, following a shaky few weeks in the AI trade.
Disappointing hyperscaler results have swept up AI-exposed firms in a tech-wide selloff: Intel, in particular, saw its steepest single-day drop in 50 years on renewed jitters over firms’ big AI investments. To satisfy mounting investor expectations, AMD needed “not just a beat, but a significant beat that comes with a pretty significant outlook,” a portfolio manager told Bloomberg.