"Advanced Micro Devices reported first-quarter revenue of $10.25 billion, a 38% year-over-year increase, driven by a 57% jump in Data Center sales to $5.78 billion. Management guided second-quarter revenue toward $11.2 billion, implying growth of around 46%."
"The energy backdrop is also working in the market's favor. Crude tumbled sharply on reports that the U.S. and Iran are nearing a potential agreement that would suspend nuclear enrichment activities. WTI futures fell nearly 9% to around $93 a barrel."
"In a surprising pairing, Nvidia and Corning unveiled a multi-year partnership that is sending Corning shares surging roughly 20% toward an all-time high, with the chip giant committing $500 million in exchange for warrants."
Tech stocks are experiencing a rally, particularly the Nasdaq Composite, driven by strong earnings from chip companies and a significant drop in oil prices. Advanced Micro Devices reported a 38% increase in revenue, with a notable rise in Data Center sales. The decline in crude oil prices, influenced by potential agreements between the U.S. and Iran, is benefiting various sectors, including transport and consumer businesses. Major indices are showing positive movement, with AMD's stock climbing significantly year-to-date.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]