Advanced Micro Devices surge leads chip stocks higher
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Advanced Micro Devices (NASDAQ:AMD)
surged more than 8% on Wednesday, following earnings and guidance that were well-received on Wall Street, helping lead chip stocks higher. 
Nvidia (NASDAQ:NVDA), Micron (NASDAQ:MU), Marvell Technologies (NASDAQ:MRVL) and Broadcom (NASDAQ:AVGO) were all up more than 1%, 30 minutes after the start of trading, led by Nvidia, which tacked on more than 3% to $254.98.
AMD's gains seemed to come at the expense of Intel (NASDAQ:INTC), however, which saw its shares fall slightly less than 0.5% to $48.75 just shortly after trading started.
For the quarter ended in December, AMD (AMD) said it earned $0.80 a share, on $4.8 billion in revenue, which topped analysts' estimates for a profit of $0.76 a share on sales of $4.52 billion.
For its first quarter, AMD (AMD) said it expects revenue to be between $4.9 billion and $5.1 billion, up roughly 45% year-over-year and 4% sequentially, with non-GAAP gross margins of 50.5%. For all of 2022, AMD expects sales to be $21.5 billion, a jump of 31% over 2021, with non-GAAP gross margins of approximately 51%.
Following the quarter, Wedbush Securities said AMD's (AMD) results and guidance showed "no red flags," as it highlighted strength in server and gaming console chips.