Advanced Micro Devices (NASDAQ:AMD) stock is rising higher on Wednesday as investors prepare for the company’s Advancing AI event today.
That event will have the semiconductor company going over its plans for artificial intelligence (AI). The event is being hosted live on YouTube and will start at 1:00 p.m. Eastern.
As for what to expect from the Advancing AI event, experts believe AMD is going to introduce its own AI chip. This would have it challenging rival semiconductor company Nvidia (NASDAQ:NVDA), which has been dominating that space.
The new AI chip from AMD is called the MI300. The company is already hopeful for the device with estimates that it will provide it with $2 billion in sales in 2024.
What This Means for AMD Stock
AMD entering the AI space with this new chip could be a major boon for AMD stock. Analysts are already predicting that it will act as a way for the company to challenge Nvidia in the space.
It’s also worth noting that today’s event could act as a catalyst for AMD stock. That could see shares rising or falling after the event depending on how investors react to the company’s AI plans.
AMD stock is up 1.2% as of Wednesday morning with about 20 million shares traded. Its daily average trading volume is closer to 52 million shares.
Investors can find even more of the hottest stock market news at the following links!
We’ve got all of the latest market news ready to fo on Wednesday! Among that is what’s going on with shares of Shopify (NYSE:SHOP), British American Tobacco (NYSE:BTI) and Pharvaris (NASDAQ:PHVS) stock today. You can find all of that info at the following links!
More Stock Market News for Wednesday
- Shopify (SHOP) Stock Falls Following Analyst Downgrade
- BTI Stock Alert: The $31.5 Billion Reason British American Tobacco Is Down Today
- Why Is Pharvaris (PHVS) Stock Up 36% Today?
On the date of publication, William White did not hold (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.
