NEW YORK - Shares of semiconductor companies Advanced Micro Devices (NASDAQ:AMD) and Nvidia Corporation (NASDAQ:NVDA) saw notable gains today, with AMD's stock reaching a two-year high and Nvidia setting a new record. The upward movement in AMD's shares, which hit $158.64, represents an 8.2% increase.
The bullish sentiment is underpinned by projections of robust growth in artificial intelligence (AI) sales. Analysts are forecasting that AMD's AI revenue could reach approximately $4 billion by the end of 2024, with the potential to surpass $7 billion in 2025. This anticipated growth is attributed to rising demand in the hyperscale and enterprise sectors.
Nvidia, maintaining its lead in the industry, also experienced a modest rise of 2.5%, with shares peaking at $565.60. Despite Nvidia's current dominance in AI software, market trends indicate that there are opportunities for AMD to become a significant secondary source in the software market.
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