AMD Stock Rises Despite Slump in Personal Computer Sector
Nov 2, 2022 By MarketDepth
Advanced Micro Devices (AMD:NYQ) released third-quarter earnings and announced a slowdown in the personal computer market and also lowered future guidance. The one bright point was a surge in market share in the data center sector which saw AMD take sought-after positioning against rival Intel.
The news although positive has been stunted as Alphabet and Microsoft both stated a slowdown in the cloud market. As companies come to grips with inflation many are throttling their usage and optimizing their data needs.
AMD is up intraday over 2% on the positive news as the overall market is down. The company is down about 50% on the year from $120 a share to the current price of $61.05.
The consumer market is still on a downward trend and AMD expects that to continue into 2023. AMD CEO Lisa Su expects another 10% decline in demand before recovering.
