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AMD Shares Explode on Bitcoin Fueled Earnings Beat

Shares of Advanced Micro Devices Inc. (AMD) were surging 7.1% to $15.13 in after-hours trading on Tuesday after the chipmaker posted stronger-than-expected fiscal second-quarter results and gave a bright forecast for the third quarter.

AMD reported adjusted earnings of two cents per share, while Wall Street had expected earnings to be flat. Revenue jumped 19% year-over-year to $1.22 billion, higher than the $1.16 billion projected by analysts.

The company said in a statement that the sales increase was driven primarily by higher revenue in its...