AMD AI chip revenue forecast fails to impress, shares dive 7%
-Advanced Micro Devices forecast AI chip sales on Tuesday that failed to impress investors, knocking its stock down about 7% in extended trade.) expects AI chip sales of roughly $4 billion for 2024, an increase of $500 million from its prior estimate for the year.
Uncertain demand from the gaming market has further hurt AMD. Personal computing and console gaming revenue growth is expected to remain below pre-pandemic levels through 2026, according to research firm Newzoo. Revenue from the embedded segment fell 46% to $846 million compared with the year-ago quarter. The company had said in January demand for the segment will remain soft through the first half of the year. Ongoing inventory corrections have hit revenue from this segment as clients clear out a build-up of chips.
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