Benzinga | Nov 18, 2021 10:51AM EST

Why AMD Shares Are Rising Today

Advanced Micro Devices Inc (NASDAQ:AMD) is trading higher Thursday in sympathy with NVIDIA Corp (NASDAQ:NVDA), which gained after reporting better-than-expected third-quarter results and issuing strong guidance.

Nvidia reported quarterly adjusted earnings of $1.17 per share, which beat the estimate of $1.10 per share. The company reported quarterly revenue of $7.1 billion, which beat the estimate of $6.83 billion, representing a 50% increase year-over-year.

Nvidia expects fiscal fourth-quarter revenue of $7.4 billion, plus or minus 2%, versus the estimate of $6.86 billion.

"Demand for NVIDIA AI is surging, driven by hyperscale and cloud scale-out, and broadening adoption by more than 25,000 companies. NVIDIA RTX has reinvented computer graphics with ray tracing and AI, and is the ideal upgrade for the large, growing market of gamers and creators, as well as designers and professionals building home workstations," said Jensen Huang, founder and CEO of Nvidia.

Advanced Micro Devices designs microprocessors for the computer and consumer electronics industries.

See Also: 24 Stocks Moving in Thursday's Pre-Market Session

AMD Price Action: Advanced Micro Devices is making new all-time highs Thursday.

The stock was up 2.25% at $154.73 at time of publication.

Photo: courtesy of Advanced Micro Devices.