- Advanced Micro Devices, Inc (NASDAQ:AMD) shares are trading lower Tuesday as it shared plans to showcase its growth strategy and expand product portfolio and capabilities for data center and AI at a June 13 livestream event.
- AMD Chair and CEO Dr. Lisa Su will join other AMD executives and key customers to detail new products and momentum across data center, AI, adaptive, and high-performance computing solutions.
- Recent reports claimed Microsoft Corp (NASDAQ: MSFT) denied a partnership with the chipmaker for its Athena artificial intelligence chip.
- Also, separate reports suggested that the U.S. sanctions compelled the Chinese firms, including Alibaba Group Holding Limited (NYSE: BABA) and peers, to execute their AI ambitions without the sophisticated American chips from AMD and Nvidia Corp (NASDAQ: NVDA).
- Nvidia shares gained close to 100% YTD, basking in the glory of the commercialization of ChatGPT. AMD shares have gained 48% YTD.
- Nvidia analysts projected sustained outsized data center growth driven by increasing industry adoption of AI workloads enhanced by generative AI workloads (i.e., ChatGPT, Bard).
- Price Action: AMD shares traded higher by 0.21% at $95.24 on the last check Tuesday.
Crude Oil Rises Over 2%; Consolidated Communications Shares Plummet
U.S. stocks traded mixed midway through trading, with the Dow Jones dropping around 100 points on Tuesday.
The Dow traded down 0.33% to 32,782.04 while the NASDAQ rose 0.19% to 11,488.27. The S&P 500 also rose, gaining, 0.05% to 3,984.36.
