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AMD: Strong Read From Nvidia's AI GPU Surge

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  • Nvidia reported explosive AI GPU sales growth and signals supply will support higher growth going forward.
  • Advanced Micro Devices' competing AI GPU chip, MI300, is set to hit the market in Q4 and has significant capacity secured.
  • The company has significant upside with analyst estimates not factoring in massive upside potential from AI GPU sales.
  • AMD stock is cheap at closer to only 20x '24 EPS targets.
After the close, Nvidia (NVDA) reported much anticipated results for the July quarter. The company reported explosive AI GPU sales growth and signaled supply will support higher growth going forward. The news has huge implications for Advanced Micro Devices (NASDAQ:AMD) with a competing AI GPU chip hitting the market in Q4 and the numbers from Nvidia reinforce the statements from AMD management. My investment thesis remains ultra Bullish on the stock now trading at the recent lows despite a lot of bullish indications for upcoming growth.

Read the full article on Seeking Alpha. 

Disclosure: No position mentioned. Please review the disclaimer page for more details. 

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