Advanced Micro Devices logged higher profit and revenue in its latest quarter as its data center business continues to boost results. The chip maker posted a first-quarter profit of $1.38 billion, or 84 cents a share, compared with $709 million, or 44 cents a share, a year earlier. Adjusted earnings per share were $1.37, compared with estimates of $1.29 a share, according to analysts polled by FactSet. Revenue jumped 38% to $10.25 billion, compared with analyst estimates of $9.9 billion. AMD’s data center segment sales surged 57% year-over-year, driven by strong demand for its EPYC processors and the ramp-up of its Instinct GPU shipments. Client and gaming segment revenue climbed 23%, helped by demand for its Ryzen processors and Radeon GPUs. Chief Executive Lisa Su said the company’s results were driven by accelerating demand for artificial-intelligence infrastructure.

After a flat start, the Switzerland market gained in strength and stayed positive right through the trading session on Tuesday, in line with markets across Europe. The benchmark SMI ended with a gain of 48.84 points or 0.38% at 13,052.17, about 50 points off the day's high of 13,101.88. Sandoz Group climbed nearly 5%. VAT Group moved up 3.2% and ABB gained 2.75%. Lonza Group and Amrize ended stronger by 2.3% and 2.2%, respectively. Logitech International, Swisscom, Kuehne + Nagel, SGS and UBS Group also posted strong gains. Lindt & Spruengli ended down by 1.47%. Swiss Life Holding, Givaudan and Nestle lost 0.8%-1.1%. Data released by the Federal Statistical Office showed consumer prices in Switzerland increased by 0.6% year-on-year in April, accelerating from a 0.3% rise in the previous month. It is the highest reading since December 2024. On a monthly basis, the CPI rose by 0.3%, below expectations of a 0.4% increase but accelerating from March's 0.2% gain. Annual core inflation, which excludes volatile items such as unprocessed food and energy, rose 0.3% after increasing 0.4% in March, marking the softest increase since July 2021.

Europe
European stocks closed higher on Tuesday as oil prices fell sharply after U.S. Secretary of War Pete Hegseth said the ceasefire holds at present despite Iranian attacks against the United Arab Emirates. Investors also digested a slew of earnings updates from European companies. The pan European Stoxx 600 climbed 0.7%. Germany's DAX and France's CAC 40 gained 1.71% and 1.08%, respectively. The U.K.'s FTSE 100 dropped 1.4%, weighed down by selling in bank stocks following HSBC Holdings' disappointing update. Switzerland's SMI gained 0.38%. Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Iceland, Netherlands, Norway, Poland, Russia, Spain, Sweden and Türkiye closed higher. Czech Republic and Ireland ended weak, while Portugal closed flat. In the UK market, Intertek Group gained 6%. Spirax Group moved up nearly 4%, while Polar Capital Technology Trust, BAE Systems, Compass Group, The Sage Group, 3i Group and BT Group gained 1.7%-2.5%. HSBC Holdings shed nearly 6%. In the first quarter, the lender's profit before tax was $9.38 billion, lower than $9.48 billion last year, reflecting higher expected credit losses and other credit impairment charges, among others. Natwest Group and Lloyds Banking Group lost 3.7% and 3.4%, respectively. Barclays and Standard Chartered also declined sharply. Entain fell 6.5%. Fresnillo, Weir Group, Legal & General, Unilever, Haleon, Next and Kingfisher all closed with sharp losses. In the German market, Infineon climbed 6.5%. Commerzbank, Siemens, Siemens Energy, Rheinmetall and Daimler Truck Holding moved up 3%-4.5%. Continental, BMW, Allianz, Bayer, MTU Aero Engines, Deutsche Telekom, SAP and BASF also ended with strong gains. Scout 24 gained about 1% thanks to JP Morgan maintaining its buy rating for the stock. In the French market, Teleperformance jumped 7%. Schneider Electric, ArcelorMittal, STMicroelectronics, Bouygues, Legrand, Safran and Vinci gained 2.5%-4.8%.

United States
After coming under pressure over the course of the previous session, stocks showed a strong move back to the upside during trading on Tuesday. The Nasdaq and the S&P 500 more than offset yesterday's losses, reaching new record closing highs. The major averages pulled back off their best levels going into the end of the day but remained firmly positive. The Nasdaq jumped 258.32 points or 1 percent to 25,326.13, the S&P 500 advanced 58.47 points or 0.8 percent to 7,259.22 and the Dow climbed 356.35 points or 0.7 percent to 49,298.25. The strength on Wall Street came amid a sharp pullback by the price of crude oil, with U.S. crude oil futures plunging by more than 3 percent after spiking by more than 4 percent on Monday. Crude oil prices gave back ground amid easing concerns about escalating tensions in the Middle East, as Secretary of War Pete Hegseth said the U.S.-Iran ceasefire is 'not over' despite Iranian attacks against the United Arab Emirates. A positive reaction to some of the latest earnings news also contributed to the strength on Wall Street, with U.S. -listed shares of Anheuser-Busch InBev (BUD) soaring by 8.7 percent. The spike by the Budweiser parent came after the company reported first quarter results that exceeded analyst estimates on both the top and bottom lines. In U.S. economic news, a report released by the Institute for Supply Management showed a slight slowdown in the pace of growth in U.S. service sector activity in the month of April. Computer hardware stocks moved sharply higher on the day, driving the NYSE Arca Computer Hardware Index up by 4.4 percent to a record closing high. Intel (INTC) helped lead the sector higher, soaring by 13 percent after a report from Bloomberg said Apple (AAPL) has held exploratory discussions about using the company to produce the main processors for its devices in the U.S.

Asia
In the wake of rising share prices and new index records on Wall Street, East Asian stock markets are on the rise on Wednesday. The action on the heavily technology-driven stock market in Seoul, South Korea, is proving spectacular. There, the Kospi is surging by 7.0 per cent in a fresh bull run to a new record high, extending its gains since the start of the year to over 75 per cent. This is driven by an AI-fuelled rally in technology stocks, which had already boosted various technology shares the previous day, particularly in the chip sector.

Bonds
In the U.S. bond market, treasuries regained ground after moving sharply lower on Monday. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell 3.0 basis points to 4.416 percent.

Analysis
UBS downgrades Oerlikon to CHF 3.55 (3.75) – Neutral
UBS upgrades Standard Chartered to 2,130 (2,090) GBp – Buy
Montega initiates coverage of Circus with a Buy rating and a target price of 10 EUR

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