Advanced Micro Devices's shares fell about 6 per cent on Wednesday as analysts raised concerns that the chip designer's targets for an artificial intelligence ramp-up may be too ambitious.
AMD's stock had risen 4 per cent in extended trading on Tuesday after the company said customer interest was"very high" for its upcoming MI300 AI chip, which will ramp up in the fourth quarter. Investors hope AMD will emerge with a challenger chip to Nvidia's most powerful AI semiconductors and help in fulfilling strong demand for chips that can power applications like chatbot ChatGPT.
Summit Insights Group analyst Kinngai Chan said investors were giving AMD a pass hoping for a bigger AI payday.
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