Semiconductor stocks gained in overnight trading. AMD rose 8%; Nvidia rose 5%; Arm rose 3.3%; Broadcom rose 3%; Super Micro Computer rose 3%; TSMC rose 2.3%; Intel rose 1.9%.

Advanced Micro Devices gave an upbeat revenue forecast, underscoring that its new artificial intelligence processors are boosting growth.

Revenue will be roughly $6.7 billion in the third quarter, the company said in said Tuesday. Analysts estimated $6.62 billion on average. Second-quarter results also topped projections, and the company raised its forecast for so-called AI accelerators — chips used to develop artificial intelligence models.

Microsoft fell 3% in overnight trading. Microsoft ’ s Azure cloud-computing service posted a slowdown in quarterly growth, disappointing investors anxious to see a payoff from huge investments in artificial intelligence products.

Revenue from Azure, Microsoft ’ s main growth engine in recent years, rose 29% in the fiscal fourth quarter, compared with a 31% jump in the previous period. About 8 percentage points of the increase in the recent period was attributable to AI, up from 7 percentage points in the prior quarter.

Pinterest, Inc. warned that revenue in the current quarter will be lower than analysts ’ predictions, sending shares plunging more than 10% in overnight trading.

Pinterest expects third-quarter revenue of $885 million to $900 million, lower than analysts ’ estimates of $907.7 million. Chief Financial Officer Julia Brau Donnelly cited several factors for the weak guidance, including foreign currency exchange rates, as well as food and beverage advertisers spending less than expected, during a call with analysts.

Donnelly also reminded investors that Pinterest does not sell political advertisements, which could put them at a slight disadvantage compared with industry peers.

Starbucks gained 3% in overnight trading after delivered results that were in line with expectations, assuaging investors who had been bracing for another meltdown after being blindsided by the previous quarter ’ s slump.

Sales at coffee shops open at least a year fell 3% in the company ’ s fiscal third quarter, the second straight drop. While the number of transactions fell, US diners are spending more each visit, helping to prop up revenue. The company reaffirmed its guidance for the full year.

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