Advanced Micro Devices (NASDAQ:AMD) stock is in the news Wednesday as investors wonder if the tech company can succeed in the artificial intelligence (AI) market.
AMD is looking to increase the production of its MI300 chip as it seeks to compete with Nvidia (NASDAQ:NVDA) in the AI training market. The company is expecting these chips to find their way into data centers throughout 2023.
AMD is also considering targeting the Chinese market with its MI300 chip. That could even result in the creation of a Chinese factory specifically focused on making these AI chips. Doing so would likely help it avoid export restrictions the U.S. has on chips to China.
Lisa Su, CEO of AMD, said the following about its China plans in a statement collected by CNBC:
“As we think about certainly the accelerator market, our plan is to of course be fully compliant with U.S. export controls but we do believe there’s an opportunity to develop products for our customer set in China that is looking for AI solutions and we’ll continue to work in that direction.”
Earnings Boost AMD Stock
To go along with that AI chip news, AMD also released its latest earnings report today. The company posted adjusted earnings per share of 58 cents on revenue of $5.36 billion. Both of those are better than the 57 cents per share and revenue of $5.31 billion that Wall Street was expecting.
AMD stock is down 1.1% as of Wednesday morning.
Investors looking for more of the most recent stock market news will want to keep reading!
We have all of the biggest stock market stories that traders need to know about on Wednesday. A few examples include a Match Group (NASDAQ:MTCH) stock price prediction, as well as the latest news for Aptevo Therapeutics (NASDAQ:APVO) and Cambium Networks (NASDAQ:CMBM) shares. You can find all of that news at the links below!
More Wednesday Stock Market News
- MTCH Stock Price Prediction: Can Match Group Rally 30% From Here?
- Why Is Aptevo Therapeutics (APVO) Stock Down 33% Today?
- Why Is Cambium Networks (CMBM) Stock Down 33% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
