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AMD jumps on earnings report that validates our decision to reinvest in the stock

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AMD shares are getting a much-needed lift after the chipmaker upped the forecast for its AI business.

Advanced Micro Devices on Tuesday proved it is an emerging force in the AI chip race, as its data center business helped fuel better-than-expected quarterly results. Revenue in the three months ended June 29 advanced 9% year over year to $5.84 billion, topping estimates of $5.72 billion, according to LSEG. Adjusted earnings per share rose 19% on an annual basis to 69 cents, beating estimates by a penny, LSEG data showed.

Lisa Su, chairwoman and CEO of Advanced Micro Devices , delivers the opening keynote speech at Computex 2024, Taiwan's premier tech expo, in Taipei on June 3, 2024.on Tuesday proved it is an emerging force in the AI chip race, as its data center business helped fuel better-than-expected quarterly results.

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AMD is becoming an AI chip company, just like NvidiaAMD’s AI GPU sales just went from a billion dollars cumulatively to a billion dollars quarterly. Nearly half the company’s sales are now data center products.
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