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AMD slides as muted outlook clouds Q3 earnings beat with AI chip launch in focus

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AMD said its new data center chips, expected to challenge Nvidia's AI market dominance, could net more than $2 billion in sales next year.

shares slumped lower in pre-market trading after the chipmaker posted mixed third quarter earnings and a muted near-term outlook while hyping the potential for its new AI chips heading into 2024.

Gaming sector revenue was down 8% from last year to $1.5 billion, while data center was flat at $1.6 billion. The client segment, which includes personal computing, saw a 42% revenue gain to $1.5 billion while embedded segment revenues fell 5% to $1.2 billion. AMD's new MI300X chip, however, is likely to draw around $400 million in fourth quarter sales as it looks to challenge Nvidia'sAI-market dominance, while the broader family of MI300 semis are expected to see sales of more than $2 billion over the whole of 2024. The group will host a launch event for the MI300X on December 6.

"Based on the rapid progress we are making with our AI road map execution and purchase commitments from cloud customers, we now expect Data Center GPU revenue to be approximately $400 million in the fourth quarter and exceed $2 billion in 2024 as revenue ramps throughout the year," she added."This growth would make MI300 the fastest product to ramp to $1 billion in sales in AMD history.

 

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