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Why Is AMD Stock Spiking Premarket Thursday?

Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) rallied in premarket trading on Thursday, moving in sympathy with peer…
byShanthi Rexaline
May 25, 2023
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Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) rallied in premarket trading on Thursday, moving in sympathy with peer Nvidia Corp. (NASDAQ:NVDA).

Nvidia reported Wednesday after the close of first-quarter earnings and revenue that exceeded estimates and issued second-quarter revenue guidance that exceeded the consensus by a wide margin. The company also flagged robust demand for its data center family of products, increasing visibility into the second half.

The data center strength of Nvidia is attributable to the strong uptake of its generational AI products. Given AMD has a presence in the segment, investors were lapping up the shares of the company.

In premarket trading on Thursday, AMD shares climbed 8.98% to $117.99, according to Benzinga Pro data.

See Also: Is AMD (AMD) Stock A Good Buy?

 
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Cinemark Holdings (CNK) reported Q1 2024 sales of $579.20M, beating analyst consensus of $560.38M. EPS of $0.19 beat consensus loss of $(0.20). Admissions and concession revenue decreased, but average ticket price and concession revenue per patron held steady. The company has plans to open new theaters and screens over the next two years. It generated $70.7M of adjusted EBITDA and held $788.6M in cash as of March 31, 2024. Despite a 3.81% premarket decrease, CNK stock has gained 4% in the last 12 months.

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