FILE PHOTO: A smartphone with a displayed AMD logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) -Advanced Micro Devices shares fell 9% in premarket trading on Wednesday, after the company's AI chip revenue failed to meet lofty expectations of investors betting billions on growth prospects of generative artificial intelligence.
AMD, one of the biggest providers of chips for personal computer and servers, reported quarterly results and revenue outlook above analyst estimates, but that was overshadowed by its miss in AI chip-related revenue as investors scrutinized its results against Nvidia, which controls nearly 80% share of the market.
