Advanced Micro Devices (AMD) has projected $2 billion in 2024 sales from a new chip designed to compete with Nvidia, helping their stock rebound after missing quarterly expectations. While their gaming and certain programmable chip segments faced challenges, AMD expects the MI300 chip to generate $400 million in Q4 revenue, with a 2024 sales forecast of $2 billion. AMD is preparing to launch the MI300X chip, aiming to rival Nvidia in the data center AI market. AMD's CEO, Lisa Su, mentioned that multiple large hyperscale customers have committed to using the MI300 chips. Despite these positive developments, other segments faced difficulties.
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