Semiconductor Stocks
AMD Q4 2023 Earnings: 75% GPU Raise, Separating the Wheat from the Chaff
By my estimation, the selloff has nothing to do with AMD’s AI potential, or even the sequential decline in the other segments, rather it’s about timing and tech being stretched overall. We covered this in great detail in the Q1 webinar. It’s true that AMD is trailing a GPU giant, and any guide will pale in comparison to Nvidia’s glorious 2023 performance. Yet it’s also true that AMD is coming out swinging with $3.5B in GPU revenue in the first quarter the GPUs are shipping. In a previous note, I stated: “Technically speaking, this report [Q3] was stronger than Nvidia’s was this time last year despite the GPUs shipping at the same time seasonally – NVDA had 1% QoQ growth for data center revenue in the October quarter and then declined (-6%) QoQ in the Q4 January quarter. To jog your memory, it was the guide provided in May (for the July quarter) when Nvidia had its blowout quarter.” To compare, data center growth for AMD is 38% YoY and 43% QoQ. However, Nvidia enjoyed the luxury of taking the market by surprise, and so expectations were low. AMD will have to face outsized expectations as the company ramps, yet the 75% raise for GPU revenue is a great start. We dissect the rest of the report for you below.
Sign in to read the full article
Sign in with your I/O Fund account to check your plan access.
