Advanced Micro Devices Inc. (AMD) shares rose in the extended session Thursday after the chip maker forecast more robust long-term growth as it continues to take market share away from rivals. AMD shares rose 3.2% after hours, following a 4% decline to close the regular session at $48.11. In AMD's analyst day presentation, Chief Executive Lisa Su forecast a long-term compound annual growth rate of 20%. "Overall, AMD looks to be going for a growth play with a 20% CAGR commitment, a massive uptick over the 14% CAGR the past 5 years," Patrick Moorhead, principal analyst at Moor Insights & Strategy, told MarketWatch. "Most of that growth will come from data center CPUs and GPUs," Moorhead said. Over the past year, AMD has been siphoning off market share from Intel Corp. (INTC) and Nvidia Corp. (NVDA) Over the past few days, AMD said it was teaming with Hewlett Packard Enterprise Co. (HPE) to build the world's fastest supercomputer to test nuclear weapons ( ), Cloudflare Inc. said it was using AMD chips for its next generation of servers, and one analyst upgraded the stock to a buy ( ).
-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
March 05, 2020 17:49 ET (22:49 GMT)
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