Advanced Micro Devices CEO Lisa Su defended the company's lackluster forecast, telling CNBC on Wednesday that the chipmaker has seen a step up in demand in recent months as shares plummeted 17% for their worst session since May 2017.
"What I would tell you from someone on the inside is AI is accelerating at a pace that I would not have imagined," she told CNBC's "Squawk on the Street," adding that demand continues to outstrip compute needs.
Su said AMD's data center business has accelerated from the fourth to first quarter and demand for its central processing units is "going gangbusters" as businesses rapidly increase compute for AI enterprise work.
The company posted fourth-quarter results Tuesday that topped Wall Street's expectations but were overshadowed by what some analysts viewed as a weak outlook.