AMD, Arista and Super Micro Shares Jump After Hours on Strong Earnings Tied to AI Demand
Shares of AMD, Arista Networks and Super Micro Computer rose sharply in after-hours trading Tuesday after each company reported results fueled by spending on artificial intelligence, even as investors waited for midterm election results.
Shares of three companies tied to the artificial intelligence trade jumped in after-hours trading on Tuesday after strong earnings reports, MarketWatch reported, while investors waited for midterm election results.
Arista Networks led the group, rising more than 13% after hours after reporting its fastest year-over-year revenue growth since its initial public offering, according to MarketWatch. Dow Jones Newswires put the gain at 13% to $192.63 and said Arista’s revenue climbed 59%, fueled by AI demand.
Super Micro sales nearly quadruple
Super Micro Computer rose nearly 10% after hours after reporting nearly $20 billion in sales, nearly four times the sum from a year earlier, according to MarketWatch. Dow Jones put the gain at 10% to $34.50 and described the revenue increase as nearly fourfold, driven by AI spending.
Advanced Micro Devices shares rose 7.7% to $520.99 in after-hours trading after beating Wall Street expectations with its third-quarter results, according to Dow Jones Newswires. MarketWatch said AMD told investors it expected revenue to grow by 80% over the next year.
Earnings land on election night
MarketWatch described all three companies as closely associated with the AI trade. Their reports arrived after the market close on the same evening voters cast ballots in the midterm elections, with much of Wall Street’s attention on the vote count.
Reporting based on coverage by MarketWatch and Dow Jones Newswires via Morningstar.
