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☆ Chipmaker NXP forecasts profit above estimates on resilient auto, industrial
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Steve Marcus/File Photo Acquire Licensing RightsNov 6 (Reuters) - Chipmaker NXP Semiconductors (NXPI.O) forecast fourth-quarter profit above Wall Street targets on Monday, expecting a resilient automotive market and stable industrial demand to offset weakness in other key markets. NXP in September said automotive demand was "pretty good" across all its markets, including China, which contributes about 30% to the chipmaker's total revenue. However, NXP CEO Kurt Sievers said the company's communication infrastructure business performed "slightly below expectations" in the third quarter. The company forecast adjusted current quarter revenue in the range of $3.30 billion and $3.50 billion, compared to analysts' estimate of $3.43 billion, per LSEG data. Revenue in the third quarter was $3.43 billion, compared with estimates of $3.40 billion.

Persons: Steve Marcus, Kurt Sievers, NXP, Chavi Mehta, Krishna Chandra Organizations: Semiconductors, Electronics, Las Vegas Convention, REUTERS, Wall, NXP, Apple, Revenue, Nasdaq, Thomson Locations: Las Vegas , Nevada, U.S, China, Eindhoven, Netherlands, Bengaluru

☆ Paramount Global stock up double digits for second straight day
▼ + stars: | 2023-11-03 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +1 min

Tom Ryan, CEO and President of Paramount Streaming, speaks during the LG press conference ahead of the Consumer Electronics Show (CES) in Las Vegas, Nevada, on January 4, 2023. Paramount stock jumped about 11% Friday, a day after posting another double-digit gain, on pace for its best day since last November. The media giant released its third quarter earnings report after the closing bell Thursday, posting higher profit and revenue from a year earlier. Bernstein Research analysts noted that the trends in the third quarter were strong, and if the company keeps them up, Paramount can expect more earnings growth. Moffett Nathanson Research analysts echoed that sentiment while remaining cautiously optimistic.

Persons: Tom Ryan, Moffett Nathanson Organizations: Paramount, LG, Consumer Electronics, Wall Street, Bernstein Research, Moffett Nathanson Research Locations: Las Vegas , Nevada

REUTERS/Steve Marcus/ File Photo Acquire Licensing RightsOct 31 (Reuters) - Caterpillar (CAT.N) reported a double-digit rise in third-quarter profit on Tuesday, beating Wall Street estimates as strong infrastructure investments across key markets boosted demand for its high-end construction equipment in North America. The world's largest construction equipment maker's order backlog fell $2.6 billion quarter over quarter. Construction equipment demand had been resilient as the United States upgrades its roads, railways and other transportation infrastructure under a $1 trillion package approved by Congress in 2021 under the Biden administration. Machinery, Energy and Transportation equipment profit rose 48% from the year prior. Its profit rose to $2.79 billion, or $5.45 per share, outpacing an analysts' forecast of $4.79.

Persons: Steve Marcus, Kristen Owen, Matt Britzman, Hargreaves Lansdown, Biden, outpacing, Bianca Flowers, Devika Syamnath, Louise Heavens, Mark Porter Organizations: Caterpillar, REUTERS, Wall, Oppenheimer, Co Inc, Congress, Machinery, Energy, Thomson Locations: Las Vegas , Nevada, U.S, North America, Texas, United States, Chicago, Bengaluru

MILAN (AP) —Automaker Stellantis said Tuesday that the autoworkers strike in North America is expected to cost the company around 750 million euros ($795 million) in profits —less than its North American competitors. The Europe-based maker of Jeep, Fiat and Peugeot reported a 7% boost in net revenues to 45.1 billion euros, with production halts caused by the strikes costing the company 3 billion euros in sales through October. GM, the last carmaker to reach a deal to end the strike, reported an $800 million strike hit. North America continued to be the revenue leader, contributing 21.5 billion euros, an increase of 2% over last year, and representing nearly half of global revenues. Europe, the next biggest performing region, saw revenues grow 5% to 14 billion euros, as sales rose 11%.

Persons: Stellantis, Natalie Knight, Ford, Knight Organizations: MILAN, Fiat, Peugeot, GM, CES, LA, Saturday, United Auto Workers Union, Jeep, North Locations: North America, Europe, Asia, U.S, Las Vegas, Michigan, Ohio

☆ AMD gives soft fourth-quarter guidance, but expects to sell $2 billion of AI chips next year
▼ + stars: | 2023-10-31 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

AMD Chair and CEO Lisa Su speaks at the AMD Keynote address during the Consumer Electronics Show (CES) on January 4, 2023 in Las Vegas, Nevada. AMD reported third-quarter earnings on Tuesday that beat analyst expectations, though the chipmaker issued a weaker-than-expected forecast. AMD said its forthcoming AI chips, the MI300A and MI300X, are "on track" for volume production in the current quarter. Data center, which includes AMD's server processors and AI chips called GPUs, reported $1.6 billion in sales, flat from a year earlier. On the call, Su also mentioned recent AI acquisitions and improvements in the company's AI software suite.

Persons: Lisa Su, Su, Matt Bryson Organizations: AMD, Consumer Electronics, Nvidia, Revenue, Intel Locations: Las Vegas , Nevada

☆ Panasonic cuts battery unit's profit outlook, warns on high-end EV sales
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

Panasonic lowered its full-year operating profit forecast for the energy unit that makes batteries for Tesla (TSLA.O) and other automakers to 115 billion yen ($769 million) from 135 billion yen. The battery unit's production in Japan suffered from slowing uptake for high-end EVs in North America, Panasonic said in the presentation material, as the U.S. Inflation Reduction Act spurred demand changes among consumers. Panasonic added its production at its North American operations remained steady, and it saw firm sales of vehicles eligible for tax credits. South Korean battery firm LG Energy Solution (373220.KS) last week warned of slowing revenue growth in 2024 due to global economic uncertainties affecting the outlook for EV sales. General Motors (GM.N) is also slowing the launch of several EV models to cut their costs, and pulling back on EV product spending.

Persons: Steve Marcus, Tesla, Elon Musk, Daniel Leussink, Kim Coghill, Miral Organizations: Panasonic, REUTERS, Rights, Panasonic Holdings, Korean, LG Energy, EV, General Motors, Thomson Locations: Las Vegas , Nevada, U.S, Japan, China, Europe, North America, KS

☆ Qualcomm's getting in on the AI craze with new chips for phones and PCs
▼ + stars: | 2023-10-24 | by ( Kif Leswing | ) www.cnbc.com time to read: +4 min

The new silicon includes Qualcomm's X Elite chip for PCs and laptops and the Snapdragon Series 8 Gen 3 for high-end Android phones. The speed at which a smartphone chip processes AI models could represent a new feature battleground between high-end Android phones from companies such as Asus, Sony and OnePlus versus Apple's iPhones, which are also getting new AI features on an annual basis. Now, Qualcomm said, its smartphone chip can handle the bigger AI models used in generative AI — as many as 10 billion parameters. That's still less than some of the biggest AI models, such as OpenAI's GPT3, which has about 175 billion parameters. Qualcomm executives said these kinds of AI models can run on devices if the chips are fast enough and equipped with enough memory.

Persons: Cristiano Amon, Steve Marcus, ChatGPT, Apple's, Alex Katouzian, Qualcomm's, Katouzian Organizations: Qualcomm, Asus, Sony, Microsoft, Snapdragon, OnePlus, Elite Locations: Las Vegas , Nevada, U.S

DETROIT (AP) — United Auto Workers union President Shawn Fain is expected to update members Friday afternoon on progress in contract talks with Detroit's three automakers as movement was reported with General Motors. The union's strikes at targeted plants at each company began on Sept. 15 and are nearing the start of their sixth week. A person briefed on the talks says the union is exchanging offers with GM and will meet again Friday with the company. The strikes started with one assembly plant from each company after contracts expired at 11:59 p.m. Sept. 14. The union later added the parts warehouses, then one assembly plant each from Ford and GM.

Persons: Shawn Fain, Fain, they’re, Gerald Johnson, ” Johnson, Ford, Stellantis Organizations: DETROIT, United Auto Workers, General Motors, GM, UAW, Ford, Equipment Market Association, Los Angeles Auto Show, CES Locations: America, Louisville , Kentucky, Kentucky

☆ The company powering the AI revolution is quite happy to let staff keep WFH
▼ + stars: | 2023-10-15 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

It's not adopted the strict return-to-office mandates enforced by some Silicon Valley firms. But Nvidia, whose chips are powering the AI revolution, is not enforcing strict return-to-office mandates. Nvidia CEO Jensen Huang speaks during a press conference at The MGM during CES 2018 in Las Vegas on January 7, 2018. Mandel Ngan/AFP/Getty ImagesYet the companies snapping up Nvidia's chips don't all agree. But Nvidia's astounding growth undermines the claims made by some Silicon Valley bigwigs.

Persons: Bard, It's, Jensen Huang, —, Beau Davidson, Davidson, Mandel Ngan, Mark Zuckerberg, Sam Altman, OpenAI, they're Organizations: Nvidia, Service, Venture, Commerical Observer, MGM, Getty, Meta, Reuters, CNET Locations: Silicon, Las Vegas, AFP, China, Hong Kong, Santa Clara

☆ Bank of America: These 6 global AI stocks are 'hidden gems' with great potential
▼ + stars: | 2023-10-11 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Bank of America has identified five global stocks it says are set to benefit as the use cases of artificial intelligence applications grow significantly. In an Oct. 3 note titled "End-device AI: Great potential with hidden gems awaits," the bank said customized and private AI services could soon be brought directly to users' end devices, revolutionizing smartphones, tablets, cars and more. The report named semiconductor leaders like Qualcomm , MediaTek , Nordic Semiconductor, SK Hynix and Renesas as key potential beneficiaries. Qualcomm Price target: $145 (31% upside) Bank of America said automakers are expected to use advanced end-device AI capabilities from Qualcomm's Ride platform for in-car services. MediaTek Price target: 1,100 New Taiwan dollars (40% upside) Bank of America expects the firm to add generative AI functions to its next flagship smartphone chips.

Persons: Brad Lin, MediaTek Organizations: of America, Bank of America, CES, MWC, Qualcomm, MediaTek, Nordic Semiconductor, SK Hynix, Meta, SK Hynix Price Locations: Taiwan

☆ As Covid-testing business drops, Abbott searches for new line of business with consumer wearables
▼ + stars: | 2023-10-10 | by ( Ashley Capoot | ) www.cnbc.com time to read: +3 min

Abbott Laboratories CEO Robert Ford took the stage at the HLTH conference in Las Vegas on Tuesday to discuss the company's expansion into a new market: consumer wearables. For instance, Abbott produces a continuous glucose monitor (CGM) called FreeStyle Libre that patients can use to manage their diabetes. Abbott's most recent model, the FreeStyle Libre 3, can measure glucose levels in real time for up to 14 days. FreeStyle Libre alone generated more than $1.3 billion in sales for Abbott during its second quarter, according to the company's earnings report. "We always believed that we could take this platform that we developed for diabetes and expand it beyond diabetes," Ford said.

Persons: Robert B, Ford, Robert Ford, Abbott, Covid, Margaret Kaczor Andrew, William Blair, CNBC's Erin Black, Lingo Organizations: Abbott, Libre, wearables Locations: Vegas, Las Vegas , Nevada, Las Vegas, U.S

☆ Take a look at the world's first truly wireless TV
▼ + stars: | 2023-10-06 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

The wireless Displace TV is a new take on flatscreens. It sticks to surfaces using a vacuum system instead of traditional TV mounting. AdvertisementAdvertisementThe convenience of a wireless TV — no ugly wires, no hiring a handyman — is here, but it will cost you. The Displace TV is a battery-powered, 55-inch flatscreen TV. Recently, frame TVs, or mounted TV displays that mimicking framed artwork, have taken over social media as one way to disguise TV hardware.

Persons: —, We've, Balaji Krishnan Organizations: Service, CES

A VinFast VF8 electric SUV is displayed during CES 2022 at the Las Vegas Convention Center in Las Vegas, Nevada, U.S. January 5, 2022. If fulfilled, Europe would become VinFast's biggest overseas market this year. The company had shipped about 2,100 EVs earlier this year to the United States. Should the EU probe conclude that punitive duties on China-made EVs are warranted, VinFast could find its cars are more competitively priced. VinFast, which is part of Vietnamese conglomerate Vingroup (VIC.HM), was formed in 2017 and began making EVs in 2021 after dropping its manufacturing of cars with internal combustion engines.

Persons: Steve Marcus, Thuy, Inovev, VinFast, Phuong Nguyen, Francesco Guarascio, Miral Organizations: Las Vegas Convention, REUTERS, Rights, Reuters, European Union, Nasdaq, EU, Thomson Locations: Las Vegas , Nevada, U.S, Rights HANOI, Europe, France, Germany, Netherlands, VinFast's, Vietnam, United States, Israel, China, Indonesia, India, East, Africa, Latin America

☆ Google reaches tentative settlement in US Play Store lawsuit
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Steve Marcus/File Photo Acquire Licensing RightsSept 6 (Reuters) - Alphabet's (GOOGL.O) Google on Tuesday tentatively settled a class action suit alleging that its U.S. Play Store had violated U.S. federal antitrust rules by overcharging customers, according to a court filing. Google, which had denied wrongdoing, declined to comment on the proposed settlement. Google is facing similar lawsuits which allege that it has generated enormous profit margins from its Play Store by engaging in illegal tactics to preserve monopolies in selling Android apps and in-app goods. The case is In re Google Play Store Antitrust Litigation, U.S. District Court, Northern District of California, No.

Persons: Steve Marcus, Tim Sweeney, Anirudh, Mike Scarcella, Kanjyik Ghosh, Jamie Freed, Edwina Gibbs Organizations: REUTERS, Google, U.S, District of Columbia, Epic, Court, Northern District of, Thomson Locations: Las Vegas , Nevada, U.S, Utah, Northern District, Northern District of California, Bengaluru

☆ Qualcomm CEO says AI may breathe new life into smartphones: 'It could create a new upgrade cycle'
▼ + stars: | 2023-09-06 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Qualcomm Inc. President and CEO Cristiano Amon speaks during the company's press event for CES 2022 at the Mandalay Bay Convention Center on January 4, 2022 in Las Vegas, Nevada. The CEO of U.S. chip giant Qualcomm thinks artificial intelligence could give the smartphone market a fresh lease on life. "The [Snapdragon] Summit is going to be around incredible use cases that we're seeing from our OEMs [original equipment manufacturers] and phones and ... could create a new upgrade cycle for phones." Smartphone sales have depreciated this year as consumers have gotten a lot more cost-conscious. In 2022, global smartphone sales tumbled 11.3% year-over-year to 1.21 billion, the lowest level since 2013, according to data from market research firm IDC.

Persons: Cristiano Amon, CNBC's Arjun Kharpal, Amon Organizations: Qualcomm Inc, Mandalay Bay Convention, CES, Qualcomm, Summit, IDC Locations: Mandalay Bay, Las Vegas , Nevada

☆ Intel’s Tower deal sidesteps competition snafu
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

On Tuesday, $155 billion chip giant Intel (INTC.O) inked a new partnership with Tower Semiconductor (TSEM.TA), which Intel boss Pat Gelsinger recently gave up on acquiring for $5 billion. The deal will see Tower spend $300 million on equipment at Intel’s New Mexico campus, bolstering Gelsinger’s nascent chip-manufacturing-for-hire services. Intel ended its year-and-a-half-long quest to acquire Tower in August, after failing to win sign-off from Chinese antitrust enforcers. Signed in February 2022, the deal was aimed at strengthening Intel’s pivot into manufacturing chips designed by others by bringing in Tower’s know-how. By signing up Tower as a partner, Gelsinger wins a chunk of its business without the trouble of competition roadblocks.

Persons: Pat Gelsinger, Gelsinger, Jonathan Guilford, Hong Kong, Lauern Silva Laughlin, Sharon Lam Organizations: Intel, Reuters, Tower Semiconductor, Intel’s, X, Hong, Thomson Locations: Las Vegas , Nevada, U.S, Mexico, Tower’s

☆ VinFast’s volatile stock has an easy, painful fix
▼ + stars: | 2023-08-30 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

On Tuesday the Vietnamese nascent electric-car maker’s shares capped a flighty first fortnight as a publicly traded company by tumbling 44%. Yet the unprofitable manufacturer still sports a racy $107 billion market capitalisation courtesy of the previous eightfold rocketing of its stock since its merger with a blank cheque company in mid-August. Even with the wild swings, the stock trades almost five times higher than what already looked like a punchy valuation when the merger was announced in May. Granted, VinFast might not be desperate for cash – parent Vingroup (VIC.HM) and Vuong injected $2.5 billion in April. Absent a rapid rise in car sales, though, VinFast’s zippy valuation is heading for more crashes anyway.

Persons: Steve Marcus, David Mansfield, Le Thi, –, Pham Nhat Vuong, Vuong, it’s, VinFast, Una Galani, Thomas Shum Organizations: VinFast Global, Las Vegas Convention, REUTERS, Rights MELBOURNE, Reuters, VinFast Auto, Finance, Vietnam’s, Ford, GM, Thomson Locations: Las Vegas , Nevada, U.S

☆ Nvidia shares rally after big earnings beat
▼ + stars: | 2023-08-24 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Nvidia CEO Jensen Huang speaks during a press conference at CES 2018 in Las Vegas on Jan. 7, 2018. Shares of chipmaker Nvidia opened at a record high Thursday morning after the company reported a beat on the top and bottom lines and offered strong guidance for the upcoming quarter. Nvidia reported adjusted earnings per share of $2.70 for the fiscal second quarter, beating a Refinitiv consensus estimate of $2.09. The company also reported quarterly revenue of $13.51 billion, versus a consensus estimate of $11.22 billion. Analysts also honed in on strong guidance for the upcoming quarter.

Persons: Jensen Huang, Harlan Sur, Sur Organizations: Nvidia Locations: Las Vegas

☆ Nvidia's blowout earnings report shows chipmaker is gobbling up all the profit in AI
▼ + stars: | 2023-08-23 | by ( Kif Leswing | ) www.cnbc.com time to read: +4 min

About half of Nvidia's data center revenue comes from cloud providers, followed by big internet companies. The growth in Nvidia's data center business was in "compute," or AI chips, which grew 195% during the quarter, more than the overall business's growth of 171%. Some startups have even gone into debt to buy Nvidia GPUs in hopes of renting them out for a profit in the coming months. On an earnings call with analysts, Nvidia officials gave some perspective about why its data center chips are so profitable. Nvidia's AI software, called Cuda, is cited by analysts as the primary reason why customers can't easily switch to competitors like AMD .

Persons: Jen, Hsun Huang, Huang, Chaim Siegel, Elazar, OpenAI, Meta, Colette Kress, Raymond James, H100s, Jensen Huang Organizations: Consumer, Audi, Nvidia, Elazar Advisors, Microsoft, AMD, Center Locations: Las Vegas, USA

☆ China's JD.com beats revenue estimates on sales amid slowing economy
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

A sign of China's e-commerce company JD.com is seen at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China, May 12, 2016. REUTERS/Aly Song/File Photo Acquire Licensing RightsAug 16 (Reuters) - Chinese e-commerce firm JD.com (9618.HK), beat Wall Street estimates for second-quarter revenue on Wednesday, as its focus on lower-priced products to attract customers amid an economic slowdown paid off. Revenue grew 7.6% to 287.9 billion yuan ($39.7 billion), compared with analysts' average estimate of 278.85 billion yuan, Refinitiv Eikon data showed. After China abandoned its stringent COVID-19 lockdown policies, consumption failed to rebound immediately amid a slowdown in the country's overall economy. Recent official economic data has also been gloomy, with consumer price index tipping into deflation in July.

Persons: Aly, JD.com, Yuvraj Malik, Sophie Yu, Vinay Dwivedi, Jason Neely Organizations: CES, REUTERS, HK, Wall, Revenue, Analysts, Thomson Locations: Asia, Shanghai, China, U.S, JD.com, Bengaluru, Beijing

☆ Qualcomm sales and forecast come up light as smartphone chip sales fall 25%
▼ + stars: | 2023-08-02 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

Qualcomm reported third-quarter earnings on Wednesday that beat Wall Street expectations, but revenue and guidance for the fourth quarter came up short. Here's how the chipmaker did for the quarter ending on June 25:Earnings : $1.87 per share, adjusted, versus $1.81 per share expected by Refinitiv consensus estimates. : $1.87 per share, adjusted, versus $1.81 per share expected by Refinitiv consensus estimates. Revenue: $8.44 billion, versus $8.5 billion expected by Refinitiv consensus estimates. QCT, Qualcomm's biggest division that sells processors for smartphones, cars, and other smart devices, reported $7.17 billion in sales, down 24% on an annual basis.

Persons: Cristiano Amon Organizations: Qualcomm, Qualcomm's, Meta, Quest, San Diego, San Diego Union, Tribune Locations: Las Vegas , Nevada, China, QCT

☆ AMD forecast, U.S. credit downgrade drags down chip stocks
▼ + stars: | 2023-08-02 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

AMD Chair and CEO Lisa Su speaks at the AMD Keynote address during the Consumer Electronics Show (CES) on January 4, 2023 in Las Vegas, Nevada. Chip stocks dipped Wednesday, after AMD 's disappointing revenue forecast raised concern that fragility in the PC market and slower spending from businesses may be poised to continue. Marvell fell almost 6%, Nvidia slid close to 5% and Intel and Texas Instruments each declined more than 3%, falling more than the broader tech market. At the same time, the company said a "weaker PC market" dragged second-quarter revenue down 54% in its client segment. Semiconductor companies led a decline in tech stocks, as the market was hit by Fitch Ratings' downgrade of the United States' long-term foreign currency issuer default rating from AAA to AA+.

Persons: Lisa Su, Marvell, Fitch, CNBC's, Jefferies Organizations: AMD, Consumer Electronics, Nvidia, Intel, Texas, Semiconductor, Fitch, AAA, AA, Nasdaq Locations: Las Vegas , Nevada, United States

☆ AMD considers making a specific A.I. chip for China to comply with export controls
▼ + stars: | 2023-08-02 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

AMD Chair and CEO Lisa Su speaks at the AMD Keynote address during the Consumer Electronics Show (CES) on January 4, 2023 in Las Vegas, Nevada. AMD said it sees an opportunity to develop an artificial intelligence chip specifically for the Chinese market to comply with U.S. export curbs, in a move that would follow rivals Nvidia and Intel . Lisa Su, CEO of AMD, said on an earnings call late Tuesday that China is an "important" market and that the semiconductor giant wants to be fully compliant with U.S. export controls. "As we think about certainly the accelerator market, our plan is to of course be fully compliant with U.S. export controls but we do believe there's an opportunity to develop products for our customer set in China that is looking for AI solutions and we'll continue to work in that direction," Su said. Accelerator chips are the kind of semiconductors required to train huge amounts of data for artificial intelligence applications.

Persons: Lisa Su, Su Organizations: AMD, Consumer Electronics, Nvidia, Intel, U.S Locations: Las Vegas , Nevada, China

☆ Wall Street looks past AMD's light guide, leading us to make a price target change
▼ + stars: | 2023-08-01 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Club name Advanced Micro Devices (AMD) delivered better-than-expected second-quarter results after the closing bell Tuesday, leading us to make a price target change. Revenue fell 18% year over year to $5.36 billion but outpaced the Street's expectation of $5.31 billion, according to estimates compiled by Refinitiv. Wall Street seems to think so as well, bidding up the chipmaker's stock in after-hours trading by more than 2%. The MI300A is designed to address High-Performance Computing (HPC) and AI workload needs, while the MI300X is designed specifically for generative AI applications. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: we're, —, Jim Cramer's, Jim Cramer, Jim, Lisa Su, Robyn Beck Organizations: Devices, Revenue, Refinitiv, AMD, Management, Club, Nvidia, Data, PlayStation, Vision, Healthcare, Automotive, CNBC, Consumer Electronics, Afp, Getty Locations: Las Vegas , Nevada

☆ AMD reports better-than-expected results even as PC market shows continued weakness
▼ + stars: | 2023-08-01 | by ( Kif Leswing | ) www.cnbc.com time to read: +4 min

Here's how the company did:Earnings : 58 cents per share, adjusted, versus 57 cents per share expected by Refinitiv consensus estimates. For the third quarter, AMD said it expects $5.7 billion in sales, while analysts were looking for revenue of $5.81 billion. "Our goal is to make this a significant growth driver for AMD," Su said. AI could also help PC chip sales, AMD said. During the quarter, AMD announced a new chip that's intended to build and run the kind of AI models that are at the heart of applications like ChatGPT.

Persons: Lisa Su, Su Organizations: AMD, Data Center, Intel, Microsoft Locations: Vegas, Las Vegas , Nevada

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