AMD 'is just a different company now,' and Wall Street is cheering

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Advanced Micro Devices shares rose Wednesday, as analysts described the chip maker’s earnings report as “a potential watershed moment” that proved $AMD is a data-center powerhouse following its acquisition of Xilinx Inc.

Advanced Micro Devices Inc. shares rose Wednesday, as analysts described the chip maker’s earnings report as “a potential watershed moment” that proved AMD is a data-center powerhouse following its acquisition of Xilinx Inc.

Acquiring Xilinx brought in so-called field-programmable gate array, or FPGA, chips that can be configured by a customer or a designer after they are made. Those chips, in turn, are used as accelerators in data centers to boost computing power and improve power efficiency in existing physical spaces.

In data-center sales, comparing “the entire datacenter businesses at each company,” Caso said AMD gained two points, more than doubling revenue and giving it 18% market share, as Intel’s data-center revenue improved 22% despite the two-point loss. AMD reported gross margins of 48% for the first quarter, up from 46% in the year-ago quarter, but down from 50% in the fourth quarter. Without Xilinx, AMD’s gross margin was 51%. AMD, however, hiked its gross margin forecast for the year to 54%, up from a previous 51%, while Intel is forecasting 52% for the year.

Jefferies analyst Mark Lipacis, who has a buy rating and raised his price target to $155 from $145, said he thinks AMD’s July 9 analyst day will be a potential catalyst.

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