Advanced Micro Devices growth in February the strongest since October - KeyBanc

Investing.com  |  Author Sam Boughedda

Published Mar 14, 2023 10:52AM ET

Updated Mar 14, 2023 11:03AM ET

Advanced Micro Devices growth in February the strongest since October - KeyBanc

By Sam Boughedda 

Advanced Micro Devices, Inc. (NASDAQ:AMD) shares are up more than 7% Tuesday, boosted by comments from KeyBanc Capital Markets analysts, who said in a note to clients that cloud demand strengthened in February, with AMD benefitting the most.

The firm's February results indicate solid cloud growth, which improved on both year-over-year and month-over-month bases, compared with January.

"Sequentially, AMD instances grew the most (+10% m/m), while INTC and NVDA both grew +2% m/m. AMD CPU instance growth of +10% m/m, which is the greatest sequential increase since October 2022, was led by an acceleration in Milan instances (+15% m/m), particularly at GCP," wrote the analysts.

In addition, AMD's processor instances were said to have increased 92% year-over-year compared with January (+2% m/m, +104% y/y).

"AMD growth in February was the strongest we've seen since October 2022. The sequential growth was supported by Milan (+15% m/m, +141% y/y), mostly at GCP. Rome was +5% m/m, +62% y/y, also driven by GCP," added the analysts.

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