Advanced Micro Devices, Inc. (NASDAQ:AMD) shares were on a tear in premarket trading Wednesday after the chipmaker reported second-quarter results that exceeded expectations and guided running quarter’s revenue above consensus.
The quarterly results were underpinned by a surge in data center revenue that rose to a record. The business raked in $2.8 billion in sales, marking a 115% year-over-year increase and 21% sequential growth. AMD’s CEO Lisa Su said, “Our AI business continued accelerating and we are well positioned to deliver strong revenue growth in the second half of the year led by demand for Instinct, EPYC and Ryzen processors.”
On the call, Su said leading cloud and enterprise providers expanded the availability of Instinct MI300X solutions. She also noted that MI300 quarterly revenue exceeded $1 billion for the first time.
See Also: Is Advanced Micro Devices (AMD) Stock a Good Buy?
The positive sentiment generated by AMD’s strong quarterly results rubbed off on rival Nvidia Corp. (NASDAQ:NVDA), which is due to report earnings on Aug. 28.
AMD stock, which is down over 6% year-to-date, climbed 9.40% to $151.45 in premarket trading, according to Benzinga Pro data. If the premarket gains hold good, the stock could wipe away its year-to-date losses. Nvidia shares rose 5.40% to $109.40 in premarket. The stock has pulled back about 24% from its July 11 high of $136.15 amid the recent tech rout.
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