AMD CEO Lisa Su is staying very bullish on the outlook for the semiconductor industry as more workloads move into the cloud and workers embrace the hybrid workplace lifestyle.

Sweetening the case fo the chip space: strong pricing power amid the ongoing shortage of chips that is roiling from global auto production to e-cigarette manufacturing.

"This is a very unique time in the semiconductor market in which I think people are just realizing how important chips are to every part of our lives. Frankly, that's why I am in this business. It's really humbling to know that the chips we are building are so important no matter who you are and what you are trying to do," Su told Yahoo Finance Live.

The favorable industry dynamics powered AMD to another impressive quarter this week, aided by a product portfolio that Su said is the company's best ever.

AMD's first quarter non-GAAP net sales surged 93% year-over-year. Operating profits spiked 223% from a year ago. Sales for AMD's lucrative data center business more than doubled year-over-year.

Here is how AMD performed compared to Wall Street estimates for the first quarter:

• Net Sales: $3.45 billion vs. $3.18 billion

• Adjusted Diluted EPS: $0.52 vs. $0.44

AMD lifted its full-year sales growth outlook to 50% from 37% previously. Shares of AMD have risen 50% over the past year.

Su thinks AMD is well-positioned to dazzle Wall Street in the back half of the year despite year-on-year financial comparisons becoming tougher. But she acknowledges the chip shortage is critical to keep in mind.

"I would say that there are lots of people who want more supply and we are very focused on doing that. But it will be tight as we go through the next couple of quarters," Su explained.

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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