Chipmaker AMD forecasts third-quarter revenue above estimates

Advanced Micro Devices AMD forecast third-quarter revenue above Wall Street estimates on Tuesday, betting on upbeat demand for its artificial intelligence chips from businesses rushing to expand infrastructure to dominate the latest technology.

The company expects revenue of about $8.7 billion for the third quarter, plus or minus $300 million, compared with analysts' average estimate of $8.30 billion, according to data compiled by LSEG.