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MarketWatch First Take: If you didn’t believe in the AMD turnaround before, these earnings should convince you

Advanced Micro Devices Inc. has been a battleground stock as it has made an effort to diversify beyond personal computers and be a true competitor to larger rivals like Intel Corp. and Nvidia Corp.

Investors on the bear side of that battleground are now getting blown away.

AMD AMD, -0.86% reported its best quarterly profit in more than seven years Wednesday afternoon, despite an expected decline in revenue from cryptocurrency mining, which has been cited by many as a major reason for the gains of the past year. While AMD’s graphic cards sales have been boosted by miners buying its cards, similar to Nvidia NVDA, +1.27% , the chip maker’s efforts to boost its high-performance PC and server offerings seem to be making up for any decline there and justifying the work of Chief Executive Lisa Su.

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