Add as a preferred source on GoogleAMD Shares Rise 5.86% as Nvidia Names Interim Chief Executive
AMD closed at $585.30, extending a 44.7% recovery from its Nov. 5 close as trading volume reached about 55 million shares.
Advanced Micro Devices (AMD) shares rose 5.86% Thursday, closing at $585.30, as Nvidia announced a leadership change that put competition between the chipmakers in focus.
At $585.30, AMD finished $32.40 higher than it did Wednesday. Trading volume was about 55 million shares, above AMD’s 20-session average.
The move extended a volatile recovery from Nov. 5, when the stock fell 17.26% and closed at $404.40. Thursday’s close left AMD 44.7% above that level, a comparison that measures share-price recovery rather than any change in customer orders.
Nvidia said Thursday that CEO Jensen Huang had resigned, effective Nov. 11. The board appointed Chief Financial Officer Colette Kress interim CEO. Nvidia shares fell about 4.3% Thursday as AMD rose.
AMD’s third-quarter revenue increased 45% year over year to $13.377 billion, including about $8.5 billion in Data Center revenue, up 97%. The company’s Nov. 3 outlook put fourth-quarter revenue near $17 billion, with a 3% variation and 66% annual growth at the midpoint.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.