AMD, Super Micro tumble as earnings fall short of lofty AI expectations

📆 01/05/2024 07:28 a. m.
📰 Reuters

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Shares of Advanced Micro Devices and Super Micro Computer sank on Wednesday, sparking a selloff in chip stocks, after their earnings disappointed investors who have piled into the sector on hopes rising AI investments would boost demand.

Item 1 of 2 The logo of semiconductor company Advanced Micro Devices Inc is seen on a graphics processing unit chip in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File PhotoThe logo of semiconductor company Advanced Micro Devices Inc is seen on a graphics processing unit chip in this illustration picture taken February 17, 2023.

Executives of both AMD and Super Micro Computer said supply constraints were hampering their efforts to capitalize on demand for equipment powering the boom in generative AI. "However, from a demand perspective, customer engagement is in fact increasing, not only for MI300X but its successor products."Several analysts were still positive on AMD, saying easing supply chain constraints should allow the company to increase its share of the AI chip market and potentially reap billions of dollars in revenue.

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