NVIDIA, Broadcom stock rises after AMD results
AMD reported Q2 EPS of $0.69, $0.01 better than the analyst estimate of $0.68. Revenue for the quarter came in at $5.84 billion versus the consensus estimate of $5.72 billion.
AMD's positive financial results have had a ripple effect across the semiconductor sector, lifting the stocks of its competitors.AMD reported strong quarterly earnings that surpassed analysts' expectations, driven by robust demand. Reacting to the AMD report, analysts at Morgan Stanley said the company's Q3 revenue guidance reflects strong momentum across compute businesses.
"Given management's enthusiasm for AI in conversations during 2q, we had previewed that the number could come up slightly, and it did - that helped numbers as well," said Morgan Stanley."We have highlighted concern that AI expectations were higher, the sharp selloff in AI related names mitigate that somewhat, as previewed.
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