New York Tech Sector Prepares for Mayor-Elect Mamdani
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This is Bloomberg Tech. Coming up, AMD fails to impress with its latest earnings, shares volatile amid rising AI valuation concerns from investors. Plus, a historic victory for Zoran Mamdani, the new mayor of New York. We'll discuss what his election means for the city's tech scene. And all eyes on Tesla as the company's shareholders are set to vote on a proposed $1 trillion pay package. for Elon Musk. There are two names in the markets that we're watching most closely, and that's in the earnings context right now. AMD has basically swung between modest declines and modest gains all morning long. It gave an outlook for the current period that was well in line with consensus, but did not beat the most bullish estimates.
Everyone's trying to work out, is there Making some ground up in the AI data center context in the near term, or is it their legacy businesses, processors for PC, CPUs for servers doing the business? Supermicro, similar story. The outlook for earnings in the current period below consensus. Traction struggles when it comes to, have they worked this whole AI thing out on the server side? That stock down 7%. Let's get those stories with Bloomberg's executive editor for tech, Peter Elstrom, and start with AMD. It's been really hard to pass this one, right? When the stock fell initially, you're like, okay, the stock rally over in chips. But actually, investors are just playing what AMD has put in front of them.
Right, right. It's been a rough 24 hours for chip stocks. We saw that in Asia. We also saw it in Europe. AMD is a bit of a different story. The stock has been on such a tear. It's up about 100% this year so far. I think investors were looking for an impressive result from them. What they're really looking for is AMD, as you alluded to, they still have a hand in the traditional business of PCs and servers, and they're moving more aggressively into this AI space to compete with NVIDIA. Now, they're not growing as quickly as Nvidia. Nvidia's up, growing in the 50% range at this point. AMD has been more in the 30% range. People really wanna see whether the AI business, the AI chips that AMD is offering are gonna take off and AMD is gonna be able to accelerate that growth rate.
We didn't see that. As you mentioned, they did have a pretty solid beat on the revenue side, but it was not as high as some people had been expecting. Also, the operating expenses were a little bit higher than expected. probably suggesting that more of their business was on the old traditional PC business rather than the AI business. Peter, help us make sense of Supermicro. There was a time where that was a stock and a name caught up in broad enthusiasm for AI. But at the end of the day, Supermicro assembles servers and server designs for others. What do we learn from their print? Right. Well, Supermicro has had a few cross currents that we have been looking at.
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