AMD Stock Drops Nearly 8% on Guidance Letdown, but It Raises 2024 Artificial Intelligence (AI) Chip Sales Outlook
AMD(AMD) The Motley Fool·2024-10-30 19:00
The chipmaker's data center revenue soared 122% year over year, driven by continued powerful demand for its artificial intelligence (AI) chips that compete with larger rival Nvidia's chips. Shares of Advanced Micro Devices (AMD 3.96%) declined 7.6% in Tuesday's after-hours trading, following the chipmaker's release of its third-quarter 2024 report.The stock's drop is largely attributable to fourth-quarter revenue guidance coming in slightly lower than Wall Street had expected. As to third-quarter results, r ...