AMD shares soar as sales forecast drives artificial intelligence rebound

(Reuters) – Shares of Advanced Micro Computer Corp rose more than 10% in premarket trading on Tuesday to hit a record high, extending recent artificial gains after the server seller forecast stronger-than-expected quarterly sales. A rally driven by intelligence.

The San Jose, California-based company’s after-hours report also lifted Nvidia’s shares 1%, after rising 2.3% on Monday as the world’s most valuable chip maker closed at a record high .

Super Micro, whose clients include NASA and Japan’s NEC, last traded at $546.35, up 4.5% on Monday.

AMD said in its quarterly report that its net sales in the March quarter would be between $3.7 billion and $4.1 billion, a range well above analysts’ consensus estimate of $2.87 billion, according to LSEG.

Supermicro’s pre-announced December quarter results were much higher than expected due to strong demand for artificial intelligence servers. The company’s stock price surged 35% on January 19 and helped reignite the rally of artificial intelligence-related companies on Wall Street.

AMD’s stock price has more than tripled since May 2023, when CEO Liang Jianhou said, “The development momentum of artificial intelligence has benefited AMD a lot.”

(Reporting by Noel Landwich)

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