Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.
In a market increasingly driven by artificial intelligence (AI) developments, three tech stocks are capturing investor attention today: Accenture (NYSE: ACN), Advanced Micro Devices (NASDAQ: AMD), and Super Micro Computer (NASDAQ: SMCI). Each company has reported significant AI-related progress, driving stock price movements and analyst interest.
Accenture (ACN) Surges on AI-Fueled Hype
Despite missing analyst expectations for its fiscal third-quarter results, Accenture’s stock surged in pre-market trading. The company reported revenue of $16.5 billion, a 1% decrease in U.S. dollars but a 1.4% increase in local currency. While GAAP EPS of $3.04 fell short of the expected $3.17, investors focused on Accenture’s strong AI performance. The company booked over $900 million in new generative AI business in Q3, contributing to a total of $2 billion in AI-related bookings for the fiscal year to date. Accenture raised its full-year fiscal 2024 revenue growth guidance to 1.5%-2.5% in local currency, further boosting investor confidence.
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Advanced Micro Devices (AMD) Selected as “Tp Pick” by Piper Sandler
AMD shares gained momentum after Piper Sandler analyst Harsh Kumar elevated the stock to “top pick” status. Despite being down 14% over the past three months, AMD’s outlook in the AI space appears promising. The company’s AI accelerator lineup, particularly the MI series, is expected to perform well as supply constraints ease in the year’s second half. AMD reported having over 100 customers in the AI accelerator space, with its MI300 product expected to generate more than $4 billion in revenue this year. The company’s recent announcement of an AI-based smart parking solution for Sun Singapore further highlights its growing presence in the AI market.
Super Micro Computer (SMCI) Gains After xAI News
SMCI shares jumped after Elon Musk revealed the company as a supplier for his AI startup xAI’s supercomputer project. The news underscores SMCI’s growing role in providing hardware for cutting-edge AI applications. Musk’s xAI is developing a $500 million “Dojo” supercomputer in Buffalo, New York, and plans another “super dense, water-cooled supercomputer cluster” in Austin, Texas. These projects aim to advance computer vision and large language models for robots and autonomous vehicles. SMCI’s stock has significantly outperformed the S&P 500 year-to-date, reflecting strong investor confidence in the company’s position in the rapidly expanding AI hardware market.
Disclaimer: The author does not hold or have a position in any securities discussed in the article.
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