AMD Stock Jumps Despite Lowered Guidance as Company Bets on AI Chips to Catch Nvidia

AMD shares jumped 9% Wednesday despite lowering its revenue guidance for the current quarter.

The company expects to sell $2 billion in AI chips next year as it tries to catch up to rival Nvidia.

AMD's new MI300 processor for generative AI could help close the gap with Nvidia.

AMD is ramping up investments in AI to become a leader in data center chips.

AMD shares are up 69% in 2022, but Nvidia's stock has nearly tripled.