Shares of chipmaker Advanced Micro Devices rose by more than six percent Friday following an appearance on CNBC by its CEO, Rory Read.
AMD rose by 25 cents to $3.98 a share on the Nasdaq after Read, who joined the company from Lenovo in 2011 said in an interview on CNBC’s “Fast Money” Thursday that the company makes about 30 percent of its sales from selling chips into devices other than PCs. That’s up, he said, from about four percent when he joined.
“We used to be in the PC consumer segment, where every six months, you’re running, you’re running,” Read said. “On this one, what we’re trying to do is create these long-term strategic relations, like we did with Xbox One and Microsoft, like we did with Sony. Those are the plays that are going to create the long-term transformation to AMD.”
It’s a good time to be focusing on anything but the PC. That market has been declining at rates not seen since records have been kept.
Here’s the video of his appearance on CNBC from yesterday. I may be mistaken, but I think it’s his first major media interview since he took over as CEO.
(Disclaimer: NBCUniversal is an investor in the company that owns this website.)