- Advanced Micro Devices, Inc AMD shares are trading higher since reports surfaced claiming the chipmaker is working with Microsoft Corp MSFT on Nvidia Corp NVDA AI processor alternative.
- Reportedly, Microsoft, heavily invested in OpenAI's ChatGPT, is helping fund AMD's AI ambition shortly after AMD CEO Lisa Su shared its "big bet" on the generative AI boom in an interview on CNBC's "Squawk On The Street."
- This 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 AI buzz has helped Nvidia shares gain over 96% YTD, while AMD gained just over 37%.
- Price Action: AMD shares traded higher by 2.01% at $88.36 on the last check Friday.
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