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Advanced Micro Devices stock (NASDAQ: AMD) is expected to publish its Q3 FY'24 results toward the end of October, reporting on a quarter that is likely to see the company benefit from stronger demand for artificial intelligence chips. We expect AMD revenues to come in at $6.73 billion, marking an increase of 16% compared to last year, while earnings are likely to come in at about 0.92 per share, slightly ahead of consensus estimates, and up 30% year-over-year.
Advanced Micro Devices is catching up to Nvidia at a rapid pace.
Michelle Connell of Portia Capital Management says there's "more surprise to come" for A.I. and semiconductor stocks, especially as the market awaits Nvidia's (NVDA) Blackwell chip.
Nasdaq-listed tech stocks are poised to drive a positive open on Wall Street on Thursday, following encouraging reports from the semiconductor industry. Futures for the Nasdaq 100 were up almost 0.9%, while those for the broader S&P 500 rose 0.45% and Dow Jones futures inched up 0.1%.
Taiwan Semiconductor Manufacturing Company Ltd. TSMC is seen singularly lifting the semiconductor space in premarket trading on Thursday.
NVIDIA's Blackwell GPUs are sold out, indicating robust demand for AI-boosting hardware, but AMD's MI325x and upcoming MI350 series show promising value. Despite NVIDIA's dominance, AMD's technological advancements and potential for market share growth make it a compelling investment, especially with the AI revolution accelerating. AMD has historically been valued cheaper than NVIDIA, but its recent progress suggests it may experience solid growth driven by its latest MI environment.
Since hitting all-time highs in March, shares of chipmaker Advanced Micro Devices, Inc. (NASDAQ:AMD) have taken a step back on the charts.
Advanced Micro Devices AMD is gaining traction with AI. NVIDIA remains the leader because of its first-mover advantage, but there are other significant players, and AMD is the leader.
ASML Holding (ASML) extended losses after the company trimmed its guidance, sounding the alarm of weakness in the sector and fueling a semiconductor stock sell-off. Chipmakers lost more than $420 billion in market value, with names like Nvidia (NVDA), Advanced Micro Devices (AMD), and Applied Materials (AMAT) tumbling.
Famed innovation investor Cathie Wood is attempting to stage a comeback after a somewhat sluggish past few years.