Advanced Micro Devices Inc. (NASDAQ:AMD) is one of the 10 Stocks Outperforming Wall Street With Monster Returns.
Advanced Micro Devices soared to a new all-time high on Wednesday, following the strong results of its earnings performance in the first quarter of the year, with profits nearly doubling, thanks to the rapidly growing artificial intelligence sector.
In intra-day trading, the stock climbed to its highest price of $430.57 before trimming gains to end the session just up by 18.61 percent at $421.39 apiece.
Advanced Micro Devices Inc. (NASDAQ:AMD) said that it raked in $1.383 billion in net income for the first quarter of the year, or a growth of 95 percent from the $709 million in the same period last year, primarily driven by the strong demand from AI infrastructure and data centers. Revenues, on the other hand, increased by 38 percent to $10.25 billion from $7.4 billion year-on-year.
“We delivered an outstanding first quarter, driven by accelerating demand for AI infrastructure, with Data Center now the primary driver of our revenue and earnings growth,” Advanced Micro Devices Inc. (NASDAQ:AMD) Chairman and CEO Lisa Su said.
“We are seeing strong momentum as inferencing and agentic AI drive increasing demand for high-performance CPUs and accelerators. Looking ahead, we expect server growth to accelerate meaningfully as we scale supply to meet demand. Customer engagement around MI450 Series and Helios is strengthening, with leading customer forecasts exceeding our initial expectations and a growing pipeline of large-scale deployments providing us with increasing visibility into our growth trajectory,” she noted.
For the second quarter of the year, Advanced Micro Devices Inc. (NASDAQ:AMD) is targeting to grow its revenues by 46 percent at the midpoint, to $11.2 billion, plus or minus $300 million.
At present, the company carries a “strong buy” rating from 35 Wall Street analysts.
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