Advanced Micro Devices (AMD) stock ended its fourth week in a row higher. AMD ended Friday’s session down 0.16% at $122.31 but gained 1.29% for the full week.
Freepik he Dow Jones Industrial Index gained 0.33% on the last day of the week, while the NASDAQ Composite lost 0.11% and the S&P 500 gained 0.06%.The S&P Global Purchasing Managers Index (PMI) for November, out on Friday, showed that Services reported at 50.8, above the 50.4 reading that was expected. The Manufacturing PMI is exactly opposite – printing at 49.4 rather than the consensus of 49.8. AMD stock newsNews on the AMD front is lacking this week. The semiconductor stock has been rallying for its fourth straight week following Q3 earnings that demonstrated the stock was performing well despite a cyclical downturn among chipmakers.On October 31, AMD reported normalized funds from operations of $0.70, a slight beat of 2 cents above consensus. Revenue of $5.8 billion arrived more than $106 million ahead of consensus.Nvidia (NVDA), AMD’s primary competitor, is discouraging shareholders after a wildly optimistic earnings report on Tuesday. Nvidia beat its revenue consensus for the most recently completed quarter by more than $2 billion and likewise raised its sales outlook for the current quarter by more than $2 billion above consensus to near $20 billion.Nvidia stock has sold off on Friday after the company said its artificial-intelligence-focused (AI) HGX H20 chip, which was created in order to circumvent US government chip sanctions on China, would be delayed until the first quarter of next year. The L20 PCIe and L2 PCIe chips, however, are largely thought to be on schedule to launch in China. Huawei Technologies is expected to reap the reward of Nvidia AI chips being either sanctioned or delayed in the Chinese domestic market.In the meantime, this may also create a path toward greater sales of AMD’s MI300A and MI300X AI-geared chips. CEO Lisa Su has said that the MI300 chip is on course to be the fastest product in the company’s history to ramp up to $1 billion in sales.More By This Author:GBP/USD Hits 12-week High Amid Positive Data
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