After a CNBC report on Wednesday said that AMD might be providing chips for Tesla’s autonomous vehicle technology, AMD’s stock jumped more than 7 percent in after-hours trading.
But in a roller-coaster day for chip investors, the stock was down by Thursday afternoon after it became clear there might not be much truth to these rumors.
A Global Equities Research analyst named Thip Chowdhry had this to say about it:
Comprehensive view is that TSLA and NVDA have currently a 5-year contract in place, which was renewed just recently. AMD is not a Player. AMD is DoD (Dead-on-Departure) in DML (Deep Machine Learning) Workloads.”
Basically, Chowdhry threw a bunch of cold water on the idea that AMD would have a chance at landing the Tesla business.
AMD is headquartered in California but has a large presence in Austin, where most of its senior executives work.
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