AMD’s Q3 Signals Accelerated AI Push With Record Data Center Revenue

Summary:

  • Advanced Micro Devices, Inc.’s Q3 2024 results showed an 18% revenue increase, driven largely by a 122% growth in its Data Center segment, now comprising over half of total revenue.
  • AMD raised its 2024 AI revenue forecast from $2 billion to $5 billion and outlined a multi-generational product roadmap through 2026.
  • Despite Nvidia’s lead, AMD’s focus on AI data centers offers high growth potential at more attractive valuation multiples. Continued AI demand and product cadence could drive re-pricing of AMD stock.

AMD headquarters in Santa Clara, California, USA

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Advanced Micro Devices, Inc. (NASDAQ:AMD) is one of the most reputable GPU makers. Although the company’s stock advanced 70% since the ChatGPT release in November 2022, the truth is that it has lagged Nvidia (


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