AMD’s AI Growth Sends Shares on Biggest Rally Since February
- Chipmaker’s quarterly outlook exceeds Wall Street estimates
- The company has been pushing into Nvidia’s turf this year
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Advanced Micro Devices Inc. shares gained as much as 11% after the chipmaker gave an upbeat revenue forecast, underscoring that its new artificial intelligence processors are boosting growth.
Revenue will be roughly $6.7 billion in the third quarter, the company said in said Tuesday. Analysts estimated $6.62 billion on average. Second-quarter results also topped projections, and the company raised its forecast for so-called AI accelerators — chips used to develop artificial intelligence models.