Advanced Micro Devices on Tuesday forecast a $1.5 billion hit to revenue this year due to new U.S. curbs on chips, which require the company to obtain a license to ship advanced artificial-intelligence processors to China.

The semiconductor company reported first-quarter adjusted earnings per share of 96 cents late Tuesday, compared to Wall Street’s consensus estimate of 94 cents, according to Fac

Analysts who lowered price targets expressed concerns over near-term export risk and product mix while maintaining bullish long-term views tied to AI and AMD’s competitive position in the PC and server markets.