What's Going On With AMD Stock Thursday?

Advanced Micro Devices, Inc AMD stock is trading higher Thursday after crucial supplier Taiwan Semiconductor Manufacturing Company Ltd TSM reported upbeat quarterly earnings and outlook.

TSMC reported a third-quarter revenue decline of 14.6% year-on-year to $17.28 billion, beating the consensus of $17.07 billion. EPS of $1.29 beat the consensus of $1.17. It expects Q4 revenue of $18.8 billion - $19.6 billion vs. consensus of $18.65 billion.

CEO C. C. Wei acknowledged early signs of demand stabilization in the PC and smartphone markets during the analyst conference call. He expects healthy growth in 2024. 

TSMC looks to spend $32 billion on growing and upgrading capacity in 2023, above the analyst consensus of $30.5 billion.

Also, AMD launched its flagship laptop graphics processor, AMD Radeon RX 7900M, the fastest AMD Radeon GPU ever developed for laptops. Built on AMD RDNA 3 architecture, the new high-performance GPU brings incredible gaming and content creation performance to mobile systems.

The chip designer also showcased AMD Ryzen Threadripper PRO 7000 WX-Series processors and reintroduced the Threadripper processor lineup to the high-end desktop space with the Ryzen Threadripper 7000 Series processors. 

It will be available later this year to DIY customers, SI partners, and OEM partners, including Dell Technologies Inc DELL, HP Inc HPQ, and Lenovo.

Price Action: AMD shares traded higher by 1.53% at $103.72 on the last check Thursday.