What's Going On With QUALCOMM Shares Wednesday?
Portfolio Pulse from Dylan Berman
QUALCOMM (QCOM) shares are rising in sympathy with Advanced Micro Devices (AMD) after AMD reported better-than-expected Q2 earnings. AMD's strong performance in the data center segment and positive revenue outlook for Q3 have positively impacted chip-related stocks. Additionally, a potential new Biden administration rule on foreign chip equipment exports to China is influencing the sector.
July 31, 2024 | 5:10 pm
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AMD reported better-than-expected Q2 earnings with EPS of 69 cents and revenue of $5.83 billion. The data center segment saw a record high revenue of $2.8 billion, representing 115% YoY growth. AMD's positive Q3 revenue outlook is between $6.4 billion and $7 billion.
AMD's strong Q2 earnings and positive revenue outlook for Q3 have significantly boosted investor confidence, leading to a rise in its stock price. The record high revenue in the data center segment highlights AMD's growth potential.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
QUALCOMM shares are up 5.24% in response to AMD's strong Q2 earnings and positive revenue outlook for Q3. The potential new Biden administration rule on chip exports to China is also influencing the sector.
QUALCOMM shares are moving higher in sympathy with AMD's strong earnings report, which has positively impacted the entire chip sector. Additionally, the potential new Biden administration rule on chip exports to China is creating a favorable environment for U.S. chipmakers.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100