Good Morning, Advanced Micro Devices NASDAQ: AMD share prices inflated in 2023 and early 2024 on hopes for an AI boom like NVIDIA NASDAQ: NVDA. The share price is down 35% from that peak because the boom didn’t happen, or did it? Unlike NVIDIA, Advanced Micro Devices is a highly diversified semiconductor manufacturer with offsetting businesses. That is having an impact on the results and market sentiment. On the one hand, AMD is experiencing an AI boom in two of its core business. Conversely, two core businesses struggle as their end markets reset and normalize. Because those markets are working through inventory issues and are well situated for long-term growth related to AI and upgrade cycles, they may soon turn into tailwinds. Regardless, the company’s Q1 results were solid, and so was the guidance. The outlook is for sequential improvement in Q2 and an acceleration from Q1, a tailwind today. The only problem is that results align with the consensus, which is not a catalyst for rallying. However, with share prices down 35% from the high, the tepid performance is likely priced into the market, leaving it at rock bottom.
Click here for our full analysis of AMD stock. 
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