Advanced Micro Devices heads into its third-quarter earnings report under heavy pressure after semiconductor shares tumbled across the market. Investors are watching whether explosive growth in data-center demand and high-profile AI infrastructure deals can offset a steep slowdown in personal computer and gaming markets.
Advanced Micro Devices enters its fiscal third-quarter report on November 3, 2026, after the U.S. market close following one of the most volatile stretches of the year for chip stocks. Shares closed Monday at $466.84, down 7.5 percent, extending a steep slide that left the stock roughly 25 percent below its 52-week high of $658.52 reached in September. Analysts surveyed expect adjusted earnings of $1.95 per share on revenue of approximately $13.09 billion to $13.12 billion, which would represent annual growth of around 42 percent.
Intel Warning Triggers Semiconductor Selloff
The latest wave of selling across semiconductor equities was triggered by AMD’s long-standing CPU rival, Intel, which issued a fourth-quarter revenue forecast well below consensus expectations. Intel Chief Financial Officer David Zinsner stated in the company’s third-quarter release, Looking ahead, we see the PC slowdown continuing at least through the first half of next year
. Intel also reported that The pace of this PC correction has accelerated over the last 2 months, as our OEM partners are aggressively managing inventory to match the softer sell-through
. That weak outlook sent Intel shares down 29 percent in a single session, while chip stocks lost more than $400 billion in market value during Monday’s trading.
$AMD reports Third Quarter 2026 financial results. View non-GAAP financial measures reconciliation & cautionary statement: https://t.co/sEpKbvPFbi
Because AMD competes directly with Intel in x86 personal computer processors and server central processing units, the warning raised broader questions about the health of the PC market. Market expectations place third-quarter Data Center segment revenue near $8.19 billion to $8.3 billion, up roughly 88 percent year-over-year. Client segment revenue is projected above $3.06 billion, representing an 11 percent increase, while Gaming revenue is expected to drop 49 percent to $655 million due to maturing console cycles and rising component costs.
During Monday afternoon trading, shares were near $477.84, down $26.96 from their previous close of $504.80, with 31,604,164 shares changing hands. Susquehanna analyst Christopher Rolland reiterated a Buy rating on AMD, forecasting that data center GPU revenue could reach approximately $41 billion in 2027 while raising his 2027 server CPU revenue estimate to $33 billion. Jefferies analyst Blayne Curtis also maintained a Buy rating and a $650 price target, projecting third-quarter revenue at $13.5 billion and fourth-quarter revenue reaching $17 billion.
Meta Deploys Helios Rack-Scale Systems
Ahead of the results, AMD has drawn intense focus for its expanding deployments of EPYC server processors, Instinct accelerators, ROCm software, and Helios rack-scale systems across major cloud and enterprise platforms including Meta, Vultr, and LeadDesk. The company’s agreement with Meta to supply up to 6 gigawatts of Instinct GPUs was announced in February, and the October 27 disclosure confirmed that Helios is fully operational and undergoing testing at Meta. Beyond standard chip sales, AMD has committed to backing a $300 million loan for infrastructure startup Crusoe, while navigating financing arrangements and manufacturing constraints across the semiconductor supply chain.
Long-term projections remain exceptionally ambitious. Management has stated expectations for data center segment revenue to more than double year-over-year in 2027
and aims to significantly exceed our $20 annual EPS target
.
BREAKING: AMD stock, $AMD, surges over +6% after posting stronger than expected earnings due to AI demand. The stock has now added +$50 billion in market cap in after hours trade. pic.twitter.com/NGSHGJRBNH
AMD Issues Third-Quarter Revenue Guidance
Prior to the period concluding in September, AMD issued revenue guidance centering on roughly $13.0 billion—plus or minus $300 million—accompanied by an anticipated non-GAAP gross margin of about 56 percent. Options markets indicate an implied post-earnings stock move of roughly 8 percent to 11 percent, reflecting heightened volatility as traders weigh whether incoming data-center momentum can overcome consumer electronics headwinds. The earnings conference call is scheduled for 5:00 p.m. Eastern Time following the report.
