Why Advanced Micro Devices Rallied 76% During the First Half of 2023
Advanced Micro Devices (NASDAQ: AMD) shares are up 75.9% through the first six months of this year, according to numbers provided by S&P Global Market Intelligence. The stock was able to overcome a sizable year-over-year dip in first-quarter revenue and lackluster Q2 guidance, driven higher by hope for continued growth of its data center business.
The company's recent and forecasted results are anything but great. After a solid fiscal 2022, AMD's first-quarter top line slipped 9% year-over-year, largely thanks to the weakening personal computer market. For the same reason, sales for the quarter ending in June are predicted to tumble by nearly 20%.In fact, shares briefly stumbled following the release of its Q1 numbers, which were short of top-line estimates.
Investors are keeping the bigger bullish picture in mind, however, bidding Advanced Micro Devices stock higher on hopes for its fast-growing data center business. The advent of artificial intelligence (AI) will fuel this growth.
Source Fool.com
Advanced Micro Devices Inc. Stock
The stock is one of the favorites of our community with 81 Buy predictions and 2 Sell predictions.
With a target price of 179 € there is a slightly positive potential of 19.91% for Advanced Micro Devices Inc. compared to the current price of 149.28 €.
