AMD's third-quarter revenue forecast exceeds expectations, with strong demand for AI chips

AMD is expected to announce on a conference call on July 30 that its third-quarter revenue will exceed market expectations, mainly due to high demand for AI chips. AMD's shares rose 7% in after-hours trading. The company has benefited from large cloud operators buying its AI and other chips. Meta Platforms and Microsoft are both customers of AMD's MI300 series AI chips. AMD CEO Lisa Su said the company raised its 2024 AI chip revenue forecast to $4.5 billion from the previous $4 billion.