AMD's Share Jump Shows Corporate News Will Trump Midterm Results

Dow Jones18:16

1016 GMT - Chip designer Advanced Micro Devices reported a strong set of results that boosted its shares premarket in a sign that corporate news will outweigh the outcome of midterm elections, Kathleen Brooks, research director at XTB, writes in a note. AMD shares are up 6.9% at $517.43 premarket. The group reported $13.4 billion in sales in the quarter that ended September 26. Analysts polled by FactSet had expected sales of $13.1 billion. The company logged net income of $3.5 billion for the quarter, higher than the $3.2 billion predicted by analysts polled by FactSet. Shares of rival Nvidia are also up 1.1% premarket. "The boost for Nvidia comes after strong results for AMD, which suggests that demand for semiconductors to power the AI build out is strong," Brooks says.

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