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

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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.

FILE PHOTO: 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 Photo

Super Micro Computer, whose near-200 per cent stock jump this year has outpaced even gains in Nvidia, tumbled over 11 per cent as its third-quarter revenue missed estimates amid questions over the profitability of a new line of servers. "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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