AMD Stock on Watch for November 24, 2025: 10 Things to Know Before the Market Opens

Advanced Micro Devices (NASDAQ: AMD) heads into Monday’s session after a roller‑coaster November in AI chips. As of Friday’s close, AMD shares finished at $203.78, down on the day and well below their recent highs, even though the company just reported record Q3 results and laid out extremely bullish long‑term AI targets. ^[1]

If you’re watching AMD stock before the U.S. market opens on Monday, November 24, 2025, here’s a concise rundown of what actually matters.

Key takeaways before Monday’s open

Price & volatility: AMD closed Friday at $203.78 after trading between $195.14 and $209.10, with heavy volume around 67 million shares.
Big pullback, big year: Despite a 17–19% slide over the last week and month, AMD is still up about 69% year‑to‑date, according to Simply Wall St. ^[2]
Q3 beat + strong guidance: Q3 2025 revenue hit a record $9.2 billion (+36% YoY) with non‑GAAP EPS of $1.20, and AMD guided Q4 revenue to about $9.6 billion (±$300 million), ahead of Wall Street estimates. ^[3]
AI super‑cycle story: At its November Analyst Day and in follow‑up commentary, AMD said it expects annual data center chip revenue to reach $100 billion within five years, with overall earnings more than tripling to ~$20 per share, riding a data‑center AI market it sees growing to $1 trillion by 2030. ^[4]
Major AI & supercomputing wins: AMD has announced huge deals with OpenAI, U.S. sovereign AI factory” supercomputers, and Europe’s second exascale system built with its upcoming EPYC Venice” CPUs and Instinct MI430X GPUs. ^[5]
Street still bullish but divided: Analyst 12‑month price targets cluster between roughly $240 and $280 on average, with highs up to $380 and lows around $120, and a broad Buy” consensus. ^[6]
Valuation tug‑of‑war: One discounted cash flow analysis pegs fair value” at about $393 (roughly 48% above the current price), yet AMD trades at about 106× earnings, far above the semiconductor industry’s ~34× average. ^[7]

Below is a deeper look at the moving pieces you should have in mind when the bell rings.

1. AMD’s stock snapshot heading into November 24

Using Friday’s close as the reference point:

Last close: $203.78
Intraday low/high: $195.14 / $209.10
Volume: ~67.4 million shares, well above many large‑cap averages.

CoinCentral notes that AMD’s 52‑week trading range runs from about $76.48 to $267.08, with a market cap near $332 billion and average daily volume around 58 million shares. ^[8]

At the same time, Simply Wall St estimates that:

AMD is up 68.9% year‑to‑date.
The stock has dropped 17.4% over the last week and 19.4% over the last month. ^[9]

In other words, this is still a massive 2025 winner, but it’s in the middle of a sharp pullback—classic conditions for elevated volatility into the next session.

2. Q3 2025: record quarter sets a high bar

AMD’s third‑quarter 2025 earnings are the fundamental backdrop for everything happening now:

Revenue: $9.2 billion, up 36% year‑over‑year and 20% sequentially.
GAAP gross margin: 52% (non‑GAAP 54%).
Non‑GAAP EPS: $1.20 vs. $0.92 a year ago. ^[10]

Segment highlights:

Data Center: $4.3 billion, +22% YoY, driven mainly by 5th‑Gen EPYC CPUs and Instinct MI350‑series AI accelerators. ^[11]
Client + Gaming: $4.0 billion, +73% YoY; this includes record client revenue from Ryzen CPUs and a big rebound in gaming/console and Radeon GPU sales. ^[12]
Embedded: $857 million, down 8% YoY, reminding investors that not every segment is in hyper‑growth mode. ^[13]

Crucially, AMD stressed that Q3 included no revenue from Instinct MI308 AI GPUs destined for China, due to U.S. export controls. ^[14]

For Q4 2025, AMD guided:

Revenue: about $9.6 billion, plus or minus $300 million
Non‑GAAP gross margin: ~54.5%

That midpoint implies ~25% YoY growth and ~4% sequential growth, again excluding any MI308 China sales. ^[15]

Despite this strong print, the stock dipped immediately after earnings as investors worried that AI‑related expectations might already be fully priced in and broader AI bubble” concerns hit tech. ^[16]

3. Analyst Day: a $100B data center ambition and a $1T market

At AMD’s Financial Analyst Day on November 11, 2025, management pushed the AI story to a whole new level. Key messages, as reported by Reuters and summarized in follow‑up analysis: ^[17]

AMD expects annual data center chip revenue of $100 billion within roughly five years.
It sees the data center chip market growing to $1 trillion by 2030, with AI as the primary driver.
Management is targeting 35% compound annual growth across the whole company and 60% annual growth in data centers over the next three to five years.
Non‑GAAP earnings per share are projected to exceed $20 over roughly that period—more than triple current levels.

AMD plans to support those goals with a next‑generation AI roadmap:

The Instinct MI400 series AI accelerators are set to launch in 2026, with variants tailored to scientific computing and generative AI workloads. ^[18]
AMD is also building a Helios” AI rack—a full rack‑scale system similar in concept to Nvidia’s GB200 NVL72. ^[19]
The company continues to buy AI‑focused startups (including software firm MK1) after acquiring ZT Systems, with CEO Lisa Su describing an M&A machine” focused on rounding out AMD’s AI software and systems capabilities. ^[20]

This long‑term narrative is a big reason analysts remain bullish, even as the share price lurches around in the short term.

4. AI and supercomputing wins you should know about

Beyond numbers, AMD has announced a string of headline‑grabbing AI and HPC deals in the last few weeks and months.

OpenAI mega‑partnership

AMD and OpenAI agreed to deploy 6 gigawatts of AMD GPUs to power OpenAI’s next‑generation AI infrastructure.
The first 1‑gigawatt deployment of Instinct MI450 GPUs is planned for the second half of 2026. ^[21]

This doesn’t dethrone Nvidia overnight, but it’s widely seen as a major vote of confidence in AMD’s AI chips and could translate into tens of billions of dollars in revenue over time. ^[22]

U.S. sovereign AI factory” supercomputers

AMD announced two U.S. Department of Energy systems: Lux AI and Discovery.
Lux AI is described as the first U.S. AI factory” supercomputer, powered by Instinct MI355X GPUs, EPYC CPUs and Pensando networking.
Discovery, expected around 2028, will use next‑gen EPYC Venice” CPUs and Instinct MI430X GPUs from the MI400 series. ^[23]

These projects reinforce AMD’s role at the heart of future sovereign AI and HPC infrastructure in the U.S.

Europe’s second exascale system

On November 18, AMD and Eviden (Atos Group) announced Alice Recoque, Europe’s second exascale supercomputer, to be installed in France: ^[24]

Built with upcoming EPYC Venice” CPUs (up to 256 cores) and Instinct MI430X GPUs based on CDNA 5 with 432 GB of HBM4 per accelerator.
Expected cost around €554 million, using 94 liquid‑cooled racks and serving a wide range of AI and scientific workloads from climate research to personalized medicine.

This strengthens AMD’s foothold in European HPC and AI, an important strategic counterweight to Nvidia in government‑funded projects.

Cloud & ecosystem momentum

The Q3 release highlighted a long list of partners:

AWS launched new EC2 M8a instances powered by 5th‑Gen EPYC, touting up to 30% performance gain over the prior generation.
Oracle Cloud is building a large AI supercluster based on the Helios design with EPYC Venice” and Instinct MI450 GPUs.
Cloud providers Vultr and DigitalOcean are rolling out Instinct MI325X, MI350X and MI355X instances targeted at AI developers. ^[25]

All of this feeds into the perception that AMD is now a central player in the AI compute race, not just a PC CPU and gaming GPU vendor.

5. What Wall Street is saying: price targets and ratings

Despite the recent sell‑off, analysts remain broadly positive on AMD:

MarketBeat tracks 42 analysts with an average 12‑month price target of $278.54.
- High: $380
- Low: $140
- Implied upside of about 36.7% from the recent ~$203.78 share price. ^[26]
StockAnalysis shows a similar picture from 34 analysts:
- Average target: $240.03 (about 17.8% implied upside).
- Low: $120, median: ~$279, high: $345.
- Consensus rating: Buy.” ^[27]
Individual firms have gone even higher. HSBC, for example, recently raised its AMD target from $185 to $310 while reiterating a Buy” rating, citing huge AI‑driven growth potential. ^[28]

On Reddit’s r/AMD_Stock, a crowdsourced summary of the November 12 post‑Analyst‑Day notes shows a cluster of new targets from major firms:

Melius Research: $380
Cantor Fitzgerald: $350
Wells Fargo: $345
Multiple banks (Jefferies, UBS, Barclays, Baird and others) around $280–$325. ^[29]

The spread from $120 to $380 underscores a key reality: Wall Street agrees AMD should grow, but disagrees wildly on how much of that growth is already in the price.

6. Valuation: high growth, high expectations

Recent valuation work paints a mixed picture:

A discounted cash flow (DCF) model from Simply Wall St estimates an intrinsic value of about $393.29 per share, implying AMD is roughly 48% undervalued at current prices. ^[30]
CoinCentral’s analysis, referencing the same kind of projections, highlights AMD management’s expectation of EPS above $20 within five years and argues that at a 30× multiple, that could justify a $600 share price—about 150% above today’s level. ^[31]

But those bullish models sit alongside very stretched traditional metrics:

Simply Wall St notes AMD’s P/E ratio is about 106×, far above:
- Semiconductor industry average (~34×).
- Peer group average (~64×). ^[32]
Their valuation checklist gives AMD just 2 out of 6 on key metrics, suggesting that even if the long‑term story is compelling, near‑term valuation risk is real. ^[33]

Practically, that means Monday’s open is less about Q3 fundamentals—which are strong—and more about how comfortable traders are with paying a triple‑digit earnings multiple in an AI‑hype environment.

7. Why AMD just dropped ~19% — and what that might imply

So why the sharp pullback after such bullish news?

According to Simply Wall St and other coverage: ^[34]

AMD’s stock soared nearly 70% year‑to‑date before November’s Analyst Day.
In the past week, it gave up about 17.4%, and over the past month, about 19.4%.
Some analysts and commentators point to AI bubble worries and a broader tech sell‑off as key triggers, not a deterioration in AMD’s fundamentals.

At the same time, CoinCentral’s November 23 analysis—titled AMD Stock: CEO Projects 150% Stock Growth Over Five Years”—argues that the sell‑off may have created a potential buying opportunity if AMD actually hits its data‑center growth and EPS targets. ^[35]

Put simply:

Bull case: The drop is a valuation reset in a still‑intact AI uptrend; long‑term investors may see it as a chance to enter or add.
Bear case: The stock is still richly valued, and the pullback could be the start of a larger derating if AI spending cools or execution slips.

Monday’s trading will likely reflect which narrative is dominating sentiment right now, not necessarily which one will be right over five years.

8. Key risks to keep on your radar

Before you make any decisions around AMD ahead of the open, it’s worth stress‑testing the bullish story against the main risks highlighted in company filings and recent coverage: ^[36]

Competition from Nvidia (and others)
- Nvidia remains the dominant player in AI accelerators. AMD’s MI350 and MI400 series must deliver on performance, efficiency and software support at scale. Any stumble could quickly change market share assumptions.
Export controls and geopolitical risk
- Q3 and AMD’s Q4 outlook exclude MI308 China revenue because of U.S. export restrictions. Future rule changes or new restrictions could affect not only those products but also upcoming MI400‑series GPUs. ^[37]
Supply chain and manufacturing dependency
- AMD relies heavily on TSMC and other partners for leading‑edge manufacturing. Any capacity constraints, yield issues or geopolitical shocks around Taiwan could disrupt chip supply.
Cyclical semiconductor demand & macro conditions
- Even hot markets like AI are not immune to capital‑spending pauses, recession fears, or higher interest rates. AMD’s own cautionary statements emphasize the cyclical nature of the industry and economic uncertainty.
Execution on aggressive growth targets
- Management’s targets—$100B in data center revenue, 60% CAGR, $20+ EPS—are extremely ambitious. Missing these goals by a wide margin could force a painful multiple reset.
Valuation and sentiment swings
- At a P/E above 100×, the stock is vulnerable to sentiment‑driven drawdowns, even on good news—as the post‑earnings reaction showed. ^[38]

9. What to watch before the bell on November 24

Here are practical things to monitor on Monday morning:

Pre‑market price and volume
- Check how AMD trades in the pre‑market session vs. Friday’s close. A strong bounce with high volume might signal dip‑buyers stepping in; persistent weakness would suggest sellers still dominate.
Sector and index moves
- Watch Nvidia (NVDA), Broadcom (AVGO), TSMC (TSM) and the broader Philadelphia Semiconductor Index as sentiment proxies. If the entire AI‑chip complex is under pressure, it’s harder for AMD to buck the trend.
Fresh analyst notes
- After a volatile week and a flurry of Analyst Day reactions, any new upgrades, downgrades or target changes released Monday could move the stock intraday.
Macro headlines and AI‑bubble talk
- Reuters has already highlighted growing investor jitters over AI spending and rate‑cut uncertainty heading into the holiday season. ^[39]
- Any new commentary about AI capex pullbacks” or overheating” could sway traders in high‑multiple names like AMD.
Options activity
- Elevated options volume or skewed put/call ratios can amplify intraday swings, especially around key technical levels.

You don’t need to trade every move, but being aware of these drivers can help you interpret why AMD might gap up or down at the open.

10. Bottom line: AMD stock before Monday’s open

Heading into November 24, 2025, AMD sits at the crossroads of:

A powerful, multi‑year AI and data‑center growth story, backed by record earnings, big‑ticket partnerships (OpenAI, sovereign AI factories, exascale systems) and aggressive long‑term targets. ^[40]
A high‑expectation valuation and a sharp, recent price pullback, driven as much by sentiment and AI‑bubble fears as by any change in fundamentals. ^[41]

For short‑term traders, Monday’s open is likely to be about momentum, options positioning and macro headlines as much as about AMD’s own news flow.

For long‑term investors, the more important questions are:

Do you believe AMD can get anywhere close to $100B in data center revenue and $20+ EPS within 5 years?
How comfortable are you with double‑digit percentage swings in a single week?
Does a P/E around 100× make sense to you in light of that growth, or is it beyond your risk tolerance?

Nothing in this article is financial advice or a recommendation to buy or sell AMD, or any other security. It’s a snapshot of the key news, numbers and narratives shaping AMD stock before the market opens on November 24, 2025, so you can make a more informed decision based on your own strategy, time horizon and risk tolerance.

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