Why AMD Shares Rise After Hours

Advanced Micro Devices Inc (NASDAQ: AMD ) shares were trading higher in the after-hours session on Wednesday in favor of shares. Nvidia Corp (NASDAQ: NVDA), which is up 7% Fourth Quarter Earnings.

Quarterly revenue fell 21% year-over-year, but full-year 2022 revenue was flat. Data center was up 11% year-over-year, while gaming was down 46%.

“AI is at an inflection point, setting up widespread adoption in every industry. From startups to large enterprises, we’re seeing increasing interest in the versatility and capabilities of AI that can be developed,” he said. Jensen HuangFounder and CEO of Nvidia.

“We’re ready to help customers leverage advances in generative AI and large language models. Our new AI supercomputer with the H100 and its Transformer Engine and Quantum-2 networking fabric is in full production. Gaming is recovering from the post-pandemic era. Fall, AI Neural Rendering “Gamers have enthusiastically adopted the new Ada architecture GPUs,” Huang added.

Related link: Nvidia shares rise following Q4 beat, above-consensus guidance; CEO talks about AI opportunity

See more earnings at AMD

Outlook: Nvidia sees first-quarter revenue of $6.5 billion, plus or minus 2%, versus estimates of $6.33 billion.

AMD and Nvidia are direct competitors in the chip space and often move together. AMD announced its fourth quarter results at the end of January. The company traded on the upside and downside momentum, but issued a weak outlook.

Check this out: Cathy Wood Adds $5.5M to This Chip Stock Despite Gloomy Outlook – Trims Roku Holdings

AMD Price Action: AMD shares were up 3.24% after hours at $79.10 at press time. Benzinga Pro.

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Photo: Courtesy of AMD.

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