AMD forecasts fourth-quarter revenue above estimates on strong AI chip demand

(Reuters) -Advanced Micro Devices forecast fourth-quarter revenue above market estimates on Tuesday, betting on the multibillion-dollar expansions of data center infrastructure to boost demand for its artificial intelligence chips. AMD has received significant investments in AI hardware from companies such as ChatGPT maker OpenAI and the U.S. Department of Energy, as investors expect spending on advanced processors will continue. Its shares have more than doubled in value this year, with AMD's stock gains outpacing those of market leader Nvidia, even as the larger rival's market valuation scaled the $5 trillion mark.