AMD Q3 Earnings: $2B in GPU Revenue for 2024

Initially, AMD sold off (-5%) based on the missed Q4 revenue guide. After hours, the stock recouped and ended up flat once management clarified the miss is not from the data center segment. Rather, it was confirmed the Q4 data center will grow 50% QoQ, and perhaps most importantly, management guided for $2B in GPU sales in 2024 from AI rather than supercomputing. This was the moment the price action reversed, and is a positive as it translates to broader hyperscaler customers driving the $2B rather than the Department of Energy’s supercomputer El Capitan.

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