BUZZ-Advanced Micro Devices pare gains on Wolfe Research downgrade

Shares of Advanced Micro Devices AMD.O pared gains premarket to last trade 0.2% higher at $120.20

Wolfe Research downgrades rating to "peer perform" from "outperform"

Brokerage said downgrade based on lower expectation for datacenter GPU revenue this year; AMD is due to report Q4 and full-year results on Feb 4

Wolfe Research also doesn't believe AMD is going to be able to provide 2025 forecast for its datacenter GPU revenue

AMD, which makes chips for personal computers, servers and AI chips, rose in early premarket trade on back of upbeat results of Taiwan Semiconductor Manufacturing Co 2330.TW

TSMC logged record quarterly profit and expects robust revenue growth in the first three months of 2025

Chip stocks is U.S. have been under pressure in recent times due to the U.S. government's plan to impose restrictions on AI chip exports

AMD is down 18% YTD after gaining 127.6% in 2024

(Reporting by Pranav Kashyap in Bengaluru)

((Pranav.Kashyap@thomsonreuters.com; +919886482111;))