AI predicts AMD stock price for year-end
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Advanced Micro Devices (NASDAQ: AMD) recently reported its fiscal Q3 earnings, revealing a mixed bag that left investors divided. The company’s earnings per share met expectations at $0.92, while revenue exceeded predictions at $6.8 billion, compared to the anticipated $6.7 billion. Despite these positive results, AMD’s stock tumbled over 9% following a conservative Q4 revenue outlook of $7.2 billion to $7.8 billion, below Wall Street’s midpoint estimate of $7.55 billion. AMD one-month stock price.Source: Finbold At the time of writing, AMD is trading at $141.86, reflecting a one-month loss of 10%. Given this lukewarm market reaction, Finbold consulted ChatGPT-4o to gain a clearer perspective on AMD’s year-end prospects. The models predict that AMD’s stock could rise to between $170 and $180 by the end of 2024, driven by several key growth factors. Key factors driving AMD stock price AMD’s data center segment continues to be its primary growth engine, contributing $3.5 billion in revenue for Q3. This marks a significant 25% sequential growth and an impressive 122% increase year-over-year. The robust performance in this segment was driven by strong demand for its Instinct GPUs and EPYC CPUs. These products have seen widespread adoption among major cloud providers, including Microsoft (NASDAQ: MSFT) and Meta Platforms (NASDAQ: META), and have been deployed by enterprise clients such as Adobe (NASDAQ: ADBE), Boeing (NYSE: BA), and Nestle, showing AMD’s growing influence in the data center market. The upcoming production of the Instinct MI325X chip, expected by late 2024, is also set to help AMD capture a larger share of the data center market, reinforcing its position as a formidable competitor. However, the landscape remains intensely competitive, particularly with Nvidia (NASDAQ: NVDA) Blackwell chip entering the market at a highly competitive $30,000 price point, exerting significant pressure on AMD. Moreover, AMD faces additional hurdles with…
Filed under: News - @ November 3, 2024 7:07 pm