![]() ![]() "With data center revenue growth troughing, we believe investors should look through to a 2024 inventory re-build that is supported by tailwinds from AI." Skelly noted he was underweight on the semiconductor sector, believing that valuations "were demanding into an inventory cycle." However, the 6% pullback in AMD shares following its second-quarter earnings announcement has created an opportunity to gain more exposure to the chip sector, the strategist said. "We viewed AMD's 2Q23 print constructively as management indicated improving business conditions into the second half of the year," Skelly said. Despite reporting an 18% revenue decline year over year, the company still managed to beat analysts' estimates on earnings and revenue. AMD posted its second-quarter results Aug. "As AMD experiences a cyclical recovery in its core end markets heading into 2024 we also expect it to show material AI revenues, potentially supporting estimate revisions," Skelly added. Skelly anticipates AMD's success in CPUs to extend to servers and other end-side markets. He noted that AMD is "a leader in chip end markets with potential AI tailwinds." "AMD continues to take share from key competitors (including Intel) as it launches competitive and on-time releases of new chips and supporting product roadmaps," Skelly said. Investment strategist Daniel Skelly said he added the chipmaker to the firm's equity model portfolio. ![]() Personal Loans for 670 Credit Score or LowerĬhipmaker Advanced Micro Devices is an "emerging growth opportunity" in artificial intelligence, according to Morgan Stanley Wealth Management. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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