Key Points
In July 2023, the Nasdaq-100 index rose by 3.3%, contributing to a year-to-date gain of 8.3%. Advanced Micro Devices (NASDAQ: AMD) led the pack with a remarkable monthly return of 29.5%, while Synopsys (NASDAQ: SNPS) followed closely with a 21.4% increase. Both companies are significantly involved in the artificial intelligence (AI) sector.
AMD’s growth in July was driven by momentum from its “Advancing AI” event, with anticipated revenue of $32.1 billion for the year, a 24.5% rise from the previous year. Synopsys is also expected to report $7.4 billion in revenue for 2023, up 21% year-over-year, benefiting from robust demand for its semiconductor design software.
