Advanced Micro Devices (AMD) initially saw a boost in investor sentiment following an upbeat revenue forecast for the current quarter, driven by market share gains from Intel and robust demand in the AI sector. The company's revenue exceeded estimates, which initially buoyed the stock. However, the optimism was dampened by the underperformance of AMD's data center division, which struggled to compete with Nvidia in the AI computing market. This underwhelming performance overshadowed the otherwise positive outlook, leading to a decline in AMD's shares in after-hours trading.
The GraniteShares 2x Long AMD Daily ETF (AMDL) experienced a decline, dropping 0.75% to $6.62 at 5:00 PM on Tuesday, February 4.