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Lisa Su, president and CEO of AMD, talks about the AMD EPYC processor during a keynote address at the 2019 CES in Las Vegas, Nevada, U.S., January 9, 2019. 

Steve Marcus | Reuters

Shares of Advanced Micro Devices slumped more than 5% after the chipmaker‘s earnings fell short of earnings expectations and raised concerns about the timing of a restart in China shipments.

The Santa Clara, California-based company reported adjusted earnings of 48 cents per share, falling short of the 49 cents per share expected by analysts polled by LSEG.

CEO Lisa Su singled out the hit from U.S. controls on artificial intelligence chips in a call with analysts.

“AI business revenue declined year over year as U.S. export restrictions effectively eliminated MI308 sales to China, and we began transitioning to our next generation,” Su said.

For the current quarter, AMD forecasted $8.7 billion in revenue, plus or minus $300 million, versus $8.3 billion expected by analysts. The company said its guidance does not account for revenue from its MI308 AI chip designed for the China market to work around chip restrictions.

During an interview with CNBC’s “Squawk on the Street” on Wednesday, Su said the company has been working closely with the Trump administration on license requirements necessary to ship its chips to China, but took a “prudent” approach to its guide.

“From our standpoint, we think we have an extremely strong portfolio,” she said. “Tens of billions of dollars is the opportunity in a market that’s going to be, let’s call it 500 billion plus over the next few years.”

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Earlier this year, AMD said it would take a $800 million hit during the second quarter as a result of chip restrictions. AMD said in July it plans to soon resume those shipments as the Department of Commerce gets set to restart application review.

Some Wall Street analysts raised concerns over how soon those shipments may begin. Analysts at Morgan Stanley called the timing of the restart in China shipments “vague,” adding that the company requires a “near terms upside in GPU” to keep its premium.

“China upside sounds like it will take time to materialize (and it sounded like we shouldn’t count too much on it even if licenses are granted), pull-forward and inventory risks remain, and opex continues to march higher which is limiting earnings leverage,” wrote Bernstein analysts.

Investors also raised concerns about the company’s datacenter business, which grew 14% to $3.2 billion and includes its central processors and graphics processing units.

“We are more guarded on the company’s ability to drive significant scale in Datacenter GPUs over time, and think operating leverage is likely to be hampered by the significant OpEx we believe is needed for the company to support its software and systems efforts tied to datacenters,” wrote analysts at Goldman Sachs.

Su said Wednesday the company is seeing strong forecasts for compute from some of its largest customers and anticipates an “inflection point” into the third quarter.

“The data center business is actually the main driver of our growth, and we look at that as the opportunity in front of us,” she added.

Despite the post-earnings move, AMD’s revenues grew 32% from a year ago to $7.69 billion and topped a $7.42 billion estimate from analysts polled by LSEG. Net income jumped to $872 million, or 54 cents per share, up from $265 million, or 16 cents per share in the year-ago period

WATCH: Bernstein’s Stacy Rasgon on semiconductor tariffs, impact on sector and AMD Q2 results

Bernstein's Stacy Rasgon on semiconductor tariffs, impact on sector and AMD Q2 results

CNBC’s Kif Leswing contributed to this article.

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Apple shares pop 5% ahead of Trump-Cook investment announcement at White House

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Apple shares pop 5% ahead of Trump-Cook investment announcement at White House

Apple CEO Tim Cook speaks during the Apple Worldwide Developers Conference (WWDC) on June 09, 2025 in Cupertino, California.

Justin Sullivan | Getty Images News | Getty Images

Apple shares popped 5% Wednesday, ahead of an Oval Office event touting an update to the company’s stated plans to spend and invest in the U.S.

CEO Tim Cook will join President Donald Trump for the announcement set for 4:30 p.m. ET.

Apple will up its previous commitment, made in February, from $500 billion to $600 billion over the next four years, a White House official told CNBC.

It will also announce a new manufacturing program called the American Manufacturing Program, the official said.

Cook has had a mixed relationship with Trump over the past year. While Trump has praised the Apple CEO in the past, in recent months he has said he has a “problem” with the executive and has pushed for Apple to assemble its iPhones in the U.S., not China or India.

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Apple faces over $1 billion in increased costs this quarter because of Trump’s tariffs on imports —primarily related to China — and Cook reminded investors last week that “the vast majority” of its products would be subject to pending new tariffs under a Section 232 investigation.

“We obviously try to optimize our supply chain, and ultimately we will do more in the United States,” Cook said.

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Match Group pops 10% as dating company shows early signs of a turnaround

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Match Group pops 10% as dating company shows early signs of a turnaround

Pavlo Gonchar | SOPA Images | Lightrocket | Getty Images

Match Group shares popped more than 10% on Wednesday after the online dating company issued upbeat guidance and said new products are showing promise as it attempts to turnaround its business.

The Dallas-based company said it expected revenues between $910 million and $920 million in the current quarter, beating a $890 million estimate from analysts polled by FactSet.

“We are operating like a company that is just getting started, and we believe the best chapters of the category and company are still ahead,” said CEO Spencer Rascoff during an earnings call Tuesday. “We are moving with urgency, we are obsessed with the product and we are building for the long term.”

Over the last year, Match and the broader online dating industry have grappled with slowing user engagement. The company has added more tools and features to its apps, including Tinder and Hinge, to lure back customers, especially Gen Z.

Match has also been the target of activists investors such as Starboard Value, which has pushed the company to innovate, cut costs and improve profitability or consider going private.

In an effort to revamp its business, Match appointed Zillow co-founder Rascoff as its new CEO in February. Under his direction, the company has implemented new artificial intelligence-powered tools and slashed roles.

Match also added new features such as AI-powered discovery to many of its services and a double date feature on Tinder. Rascoff on Tuesday said that 90% or customers using this feature are under age 30.

The company will also target the younger market with features geared toward college students and is planning to reinvest $50 million into new product development, Rascoff said.

In 2026 and 2027, Rascoff said he expects AI innovation and international growth to expand its Hinge platform’s leadership as Tinder becomes a “low-pressure, serendipitous experience designed for Gen Z.” Hinge, he said, is also on track to deliver quarterly year-over-year growth in 2025.

“Across the board, we believe the category will enter a new era, with renewed trust, strong demand and long-term growth potential,” he said.

Match posted in-line earnings of 49 cents per share. Revenues reached $864, topping the $854 million expected by analysts.

WATCH: Is Gen Z done with dating apps? Grindr CEO on generational trends

Is Gen Z done with dating apps? Grindr CEO on generational trends

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OpenAI is giving ChatGPT to the government for $1

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OpenAI is giving ChatGPT to the government for

OpenAI CEO Sam Altman speaks during the US Federal Reserve Board of Governors’ “Integrated Review of the Capital Framework for Large Banks Conference” at the Federal Reserve in Washington, DC, on July 22, 2025.

Mandel Ngan | AFP | Getty Images

OpenAI on Wednesday announced it will offer its ChatGPT Enterprise product to U.S. federal agencies for $1 through the next year, making its technology available to the federal executive branch workforce at “essentially no cost.”

The company has been working to deepen its ties to lawmakers and regulators in recent months, and it will open its first office in Washington, D.C., early next year.

OpenAI said participating agencies will get access to its frontier models through ChatGPT Enterprise, and it will also offer access to features like Advanced Voice Mode for an additional 60-day period.

The company has partnered with the U.S. General Services Administration to launch the initiative.

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“Helping government work better – making services faster, easier, and more reliable—is a key way to bring the benefits of AI to everyone,” OpenAI said in a blog post.  

In June, OpenAI launched a new offering called OpenAI for Government and said it was awarded a contract of up to $200 million by the U.S. Department of Defense.

The company is currently engaging in talks with investors about a potential stock sale at a valuation of roughly $500 billion, as CNBC previously reported.

OpenAI announced a $40 billion funding round in March at a $300 billion valuation, by far the largest amount ever raised by a private tech company.

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OpenAI releases two new open-weight AI models

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