AMD falls as investors seek bigger AI payoff

Aug 5 : Advanced Micro Devices shares declined before the bell on Wednesday as the chipmaker's stronger-than-expected revenue forecast fell short of lofty expectations and investors sought clearer signs that a multibillion-dollar AI spending boom will translate into faster growth.The shares were last down 7.4 per cent at $480.28, set to wipe out about $61.1 billion from AMD's market value.The move underscores elevated expectations facing AMD as it aims to challenge Nvidia's dominance amid intensifying competition with Intel racing to regain technology leadership after strong results."We suspect expectations had moved higher following Intel’s results a couple of weeks ago, and the buyside already has a fairly bullish outlook," said Stacy Rasgon, analyst at Bernstein. Analysts at TD Cowen ca