Nvidia jumps as AMD reveals better than expected earnings.

$Advanced Micro Devices(AMD.US)$ $NVIDIA(NVDA.US)$ Shares of NVDA rose by 0.35% and continued higher by more than 2.0% in after hours trading after a noted rival reported an impressive quarter.

AMD reported an impressive quarter as chip companies continued to post strong earnings this quarter. AMD followed this up on Tuesday with a 71% growth in sales and beating Wall Street estimates on both the top and bottom line. These earnings have been especially encouraging given the ongoing global chip shortage and supply chain issues that these companies are facing.

The company stated that a high stock valuation and short-term headwinds could affect the price as the market continues to deal with volatility.