What's Going On With AMD (AMD) Stock Monday - Advanced Micro Devices (NASDAQ:AMD)

Advanced Micro Devices, Inc AMD shares gained on Monday as reports claimed Microsoft Corp MSFT denied a partnership with the chipmaker for its Athena artificial intelligence chip.
Reportedly, Frank Shaw, a Microsoft spokesman, denied that AMD is part of Athena. "AMD is a great partner," he said. "However, they are not involved in Athena."
Also, separate reports suggested that U.S. sanctions compelled the Chinese firms, including Alibaba Group Holding Limited BABA, Baidu, Inc BIDU Huawei Technologies Co, Ltd to execute their AI ambitions without the sophisticated American chips from AMD and Nvidia Corp NVDA.
But the move entails very high costs, with experts reserving their doubts over the success of such action.
Last week AMD reported its upbeat first-quarter earnings, followed by weaker guidance that sparked a sell-off this week.
AMD's first-quarter revenue came in at $5.35 billion, down 9% year-on-year, beating the consensus of $5.3 billion. The adjusted EPS of $0.60, down 47% Y/Y, beat the consensus of $0.56.
The stock has gained 47% YTD.
Price Action: AMD shares traded higher by 5.91% at $95.15 on the last check Monday.
Photo by cebbi from Pixabay

What's Going On With AMD Stock Monday