Share prices of Advanced Micro Devices (NASDAQ: AMD) soared in anticipation of a second wave of artificial intelligence (AI) spending in 2024. The chipmaker actually provided cautious overall guidance in its fourth-quarter earnings report, but investors are narrowing their focus to the news about the company's new Instinct MI300 chips.

And perhaps for good reason. CEO Lisa Su just let investors know that the company now expects significantly more revenue from AI in the coming year than it forecasted previously.

But is that really enough of a reason to buy AMD stock now?

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Source Fool.com