Chart of Day: Oversold Tech Giant Catches Support

You are receiving this email because you are subscribed to Daily Guru Trades. If you no longer wish to receive these emails, please unsubscribe here. Oversold shares of Advanced Micro Devices (SYM: AMD) appear to have caught strong support at $156. From here, we’d like to see a near-term test of $180, which would refill its bearish gap. Helping, strong earnings from Taiwan Semiconductor are giving a boost to AMD and other chip stocks. In fact, thanks to the artificial intelligence boom, TSM said net revenue jumped 36% year over year to $23.5 billion. Its gross margin jumped 57.8% from 54.3%. The company also said that, “Based on the current business outlook, we expect for our fourth-quarter revenue to be between $26.1 billion and $26.9 billion, which represents a 13% sequential increase or a 35% year-over-year increase at the midpoint,” TSMC Chief Financial Officer Wendell Huang said, as quoted by CNBC. All of which is solid news for the chip sector. Even better, analysts at TD Cowen told investors to “ignore the noise” with AMD. “We see a healthy setup for AMD, with Datacenter now able to drive upside after being masked by downside in other segments,” said TD Cowen. “We believe the fundamental setup into 2H24 and 2025 is strong, driven by growth of the MI300/325/350 product cycles, modest upside potential in core server-CPUs, favorable PC seasonality near term, and big enough cuts to embedded/gaming.” Did you miss yesterday's Chart of the Day? Click here to view it now. DC2 Publishing LLC 4260 NW 1st Avenue Suite # 55 Boca Raton, FL 33431 – 4264 Daily Guru Trades Copyright © 2023 Daily Guru Trades, All rights reserved. You are receiving this email as part of your subscription to Daily Guru Trades. If you have any questions, please contact us at support@dailygurutrades.com. Daily Guru Trades is a newsletter offered to the public on a subscription basis. 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