AMD stock spikes after company launches AI chip to rival Nvidia
On Thursday, AMD shares experienced a 9.9% surge, closing at $128.37, marking the stock’s most robust performance since May and achieving the highest closing value since June.
This upward momentum followed the company’s launch of new artificial intelligence chips designed to compete with Nvidia in powering AI applications.
During a discussion on Wednesday, AMD CEO Lisa Su highlighted the Instinct MI300X, a substantial graphics processor tailored for AI-centric servers.
She also disclosed commitments from Microsoft and Meta to utilize this chip in their operations.
While Nvidia has been the dominant player in the AI chip market, the surge in AMD shares on Thursday suggests investor confidence in the company’s ability to capture a share of this market from Nvidia, CNBC reported.
READ MORE: https://www.cnbc.com/2023/12/07/amd-stock-spikes-after-company-launches-ai-chip-to-rival-nvidia.html
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