Advanced Micro Devices Inc (NASDAQ:AMD) has announced that it will report financial results for the first quarter of 2024 after the market closes on Tuesday, April 30. The report will be for the fiscal quarter ending March 2024. AMD has a sea of opportunity ahead of it in the rapidly expanding artificial intelligence market, which will give AMD every opportunity to snatch leadership for itself in many related industries. Its MI300 chipset is more powerful than Nvidia’s H100 series, and AMD offers ROCm software, an open-source alternative to CUDA that gives developers more freedom due to the open nature of the code. AMD has long had business deals with Meta and Microsoft, which are buying MI300 chips as an alternative to Nvidia. AMD is therefore doing very well as a major competitor.
CEO of Advanced Micro Devices Inc. Lisa Su believes the AI chip market will grow to more than $400 billion by 2027. Given that her company’s data center revenue was just $6.5 billion in 2023, AMD could grow a lot, even if it only captures a small slice of such a big pie.
Advanced Micro Devices Inc. (NASDAQ:AMD) also recently announced via a press release that it has extended its AI leadership with the second-generation Versal Series Gen2 system to an adaptive single-chip AI-driven SoC. This new generation of AMD Versal Series Gen 2 AI is capable of up to 10x more computations per second compared to the previous version. The Versal Series Gen 2 devices increase and extend performance along with advanced functional safety and security, delivering new capabilities and features that enable the design of high-performance products that are optimized for automotive, aerospace and defense, industrial, monitoring and healthcare applications. Versal Prime Gen 2’s 10x AI compute speeds also make them suitable for high-definition video processing, including 8K resolution , multi-channel worker nodes, and applications for streaming, ultra-high definition (UHD) video recording, and aerospace computing.
Japanese automaker Subaru has also expressed interest in the second generation of AMD Versal AI Edge Series Gen 2 AI chips. Subaru Ey ght, which is the most advanced driver assistance technology system with lane keeping assist, intelligent braking and throttle control. EyeSight is integrated into select Subaru models to enable advanced safety features including adaptive cruise control, lane keeping assist and accident avoidance braking. Subaru already uses AMD’s adaptive SoC technology in current vehicles that are equipped with EyeSight.
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These facts have attracted multinational investment corporations and private investors to buy shares of Advanced Micro Devices Inc (NASDAQ:AMD), for which an average target price of USD 204.15 per share has been set for the short to medium term investment horizon.