AMD forecasts $2B in AI chip sales in 2024, $400M revenue in Q4 2023

Advanced Micro Devices (AMD) expects to generate $2 billion in AI chip sales in 2024, with $400 million in revenue forecasted for the fourth quarter of 2023. The company's stock initially fell following soft fourth-quarter guidance, but later recovered. Meanwhile, Paycom Software issued a weak fourth-quarter revenue forecast, causing its shares to plummet. AMD narrowly beat expectations for quarterly earnings and revenue but disappointed on guidance. Several companies are expressing concerns over the potential economic slowdown this earnings season.