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AMD Gains, Corning Rises, Arista Networks Falls as Results Don’t Live Up to High Hopes
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On this episode of Stock Movers:
- AMD (AMD) shares soared to new heights after a flood of data center spending bolstered its sales forecast. AMD gave robust predictions for its longer-term growth, sending the shares up 20% in New York on Wednesday, their biggest gain since October.
- Corning (GLW) shares rise. Nvidia Corp. has bought $500 million worth of rights for shares in Corning Inc. as part of a partnership to expand artificial intelligence infrastructure. Corning will increase US fiber production capacity by more than 50% to supply optical fiber for AI data centers and will construct three new complexes in North Carolina and Texas.
- Arista Networks (ANET) shares drop. Arista Networks shares are down after the cloud-networking company’s first-quarter results beat expectations but it also gave an outlook that was seen as cautious, especially in the wake of recent strength. Analysts remain positive on the company’s long-term prospects, and many recommended buying on weakness.
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