Optimistic Q4 Projections for AMD Stock
AMD stock surpassed Q3 earnings expectations but presented a lower Q4 forecast, causing a brief dip in stock value. The company’s AI chips, MI300A and MI300X, are progressing well for anticipated volume production this quarter, boosting confidence for a positive 2024 outlook in the AI chip sector.
AMD CEO Lisa Su expects data center GPU revenue to hit approximately $400 million in Q4 and surpass $2 billion in 2024. Q3 net income rose to $299 million, with revenue up 4% to $5.6 billion. AMD aims for significant growth in its data center business, emphasizing its commitment to the market with recent AI acquisitions and software enhancements.
Su also highlighted the growth in generative AI workloads during the earnings call. The Client group, covering PC processors, saw a 42% year-over-year revenue increase to $1.5 billion.
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