What’s Going On With AMD Stock Today

• Advanced Micro Devices, Inc (NASDAQ: AMD) shares are trading higher today for no specific company-related reasons.

• The chipmaker reported its upbeat first-quarter earnings, followed by weaker guidance that sparked a sell-off this week.

• AMD’s first-quarter revenue came in at $5.35 billion, down 9% year-on-year, beating the consensus of $5.3 billion.

• The adjusted EPS of $0.60, down 47% Y/Y, beat the consensus of $0.56.

• CEO Lisa Su voiced its “big bet” on the generative AI boom, ensuring it has all the necessary computing capabilities. She noted the company planned to launch its first AI PCs later this year. She added that AMD was focused on connecting the cloud to the client side of AI.

• Inventory levels were improving, and the company saw an improving demand environment.

• Analysts had mixed opinions on the stock performance. Analysts saw progress in AI/ML unlocking significant expansion in its addressable market, and the latest quarter likely marks the bottom for the company’s PC and Data Center businesses.

• AMD has gained 28% YTD, trailing Nvidia Corp’s (NASDAQ: NVDA) 93%, as it enjoyed higher confidence from the Street courtesy AI boom.

• Price Action: AMD shares traded higher by 1.48% at $82.83 on the last check Thursday.

• Photo by cebbi from Pixabay

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