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Advanced Micro Devices Inc (NASDAQ:AMD) shares are trading lower Wednesday as the broader semiconductor sector awaits Nvidia Corp’s (NASDAQ:NVDA) critical third-quarter earnings report after the bell. Here’s what investors need to know.
What To Know: While Nvidia prepares to potentially reveal record revenue exceeding $54 billion, highlighting the massive scale gap between the two rivals, AMD continues to carve out its own strategic victories.
AMD on Tuesday secured a major win to power France's Alice Recoque exascale supercomputer, a landmark project with Eviden designed to reduce European reliance on foreign technology.
AMD also recently impressed analysts by outlining aggressive long-term goals, projecting a 35% compound annual revenue growth rate over the next three to five years as it aims to lead the $1 trillion AI market opportunity by 2030.
Despite these advances, Wall Street remains hyper-focused on Nvidia's dominance. Analysts note that while AMD is progressing with its MI450 chips to challenge Nvidia’s upcoming architecture, the revenue disparity remains stark. Nvidia’s projected quarterly revenue dwarfs AMD’s recent $9.25 billion figure.
As Nvidia's results are viewed as a macro event for the entire tech landscape, AMD investors are watching closely to see if the AI narrative has enough fuel to lift the second place contender alongside the market leader.
Earlier this month, AMD reported strong third-quarter results, beating estimates on the top and bottom lines. Total revenue jumped 36% year-over-year, driven by a massive 73% increase in the Client and Gaming segment and 22% growth in Data Center revenue.
The company also issued an optimistic fourth-quarter outlook with projected revenue of approximately $9.6 billion, which came in above than the $9.15 billion consensus estimate.
With AMD shares up approximately 86% year-to-date, investors appear to be taking some profits ahead of Nvidia’s third-quarter results, which are likely to influence investor sentiment on the broader chip sector.
Benzinga Edge Rankings: Benzinga Edge data highlights the stock’s underlying strength, assigning it a robust Momentum score of 93.29 and a Growth rating of 90.82.
AMD Price Action: Advanced Micro Devices shares were down 4.03% at $221.18 at the time of publication on Wednesday, according to Benzinga Pro data.
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Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Advanced Micro Devices’ case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
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