Stocks rally before the Fed decision as Nvidia soars 10% to lead chip comeback: Live updates

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NASDAQ 100 Fut (Mar'23) News

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Stocks rose Wednesday as investors parsed the latest earnings reports and readied for the Federal Reserve monetary policy decision.

Strong results and a forecast boost from Advanced Micro Devices are reaffirming Wall Street's confidence in the chipmaker's AI potential following the recent sell-off. 'The bottom line, in our eyes, is that data center will be ~70% of next year and AMD is seeing strong momentum in both and - which should support a solid multiple on ~$5.75 in EPS in and ~$7.50 in ,' said UBS analyst Timothy Arcuri.

Barclays analyst Tom O'Malley viewed the report as a confidence-restoring event for the ramp of the company's MI300 chips. JPMorgan analyst Harlan Sur estimates that AMD can growth GPU server revenue to more than $5 billion this year as it snatches share from Intel. Despite the strong quarter and 'optimistic' guidance, Morgan Stanley analyst Joseph Moore retained an equal weight rating on shares, highlighting some concerns over deployment delays for AMD's MI300 chips.

 

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