Wolfe Research has downgraded Advanced Micro Devices Inc (NASDAQ: AMD) to “Peer Perform” from “Outperform”, as the firm warned of slower data center GPU revenue growth than anticipated.
Wolfe Research now expects $1.5 billion to $2 billion in data center GPU revenue for the fourth quarter of 2024. That is well below a previous forecast of $10.8 billion.
Wolfe analyst Chris Caso also forecast weak PC demand, gaming softness and no embedded recovery in the first half of 2025.
Stock Performance
The shares of Advanced Micro Devices Inc (AMD) closed 1.27% ($1.52) lower at $118.44 on Nasdaq on Thursday, as they reversed a gain from the previous market session.
The company’s total market cap now stands at $192.206 billion.
The shares of Advanced Micro Devices Inc (AMD) went down 18.06% in 2024, compared with a 23.30% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have lost 1.94% of their value so far this year.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
