AMD Gains Chip Market Share at Intel’s Expense; Shares Surge
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Advanced Micro Devices Inc. is gaining share in the lucrative market for server chips, the latest sign it’s benefiting from close ties to a major Taiwanese factory partner to win orders from larger rival Intel Corp. Shares surged in late trading.
Strides in server chips will help propel third-quarter revenue to about $2.55 billion, Santa Clara, California-based AMD said Tuesday, topping analysts’ average prediction for $2.3 billion. The company also raised full-year sales forecasts, and second-quarter results beat Wall Street expectations. AMD stock climbed as much as 11% in extended trading after closing at $67.61 in New York.