NEW YORK, Jan 29, 2026, 17:39 EST — After-hours
- After a volatile session, AMD dipped roughly 0.2% in after-hours trading.
- Investors grappled with Big Tech’s surging AI spending and growing skepticism over immediate returns.
- AMD is set to release its next big update after the close on Feb. 3.
Shares of Advanced Micro Devices Inc slipped roughly 0.2% in after-hours trading Thursday, closing at $252.18. During the regular session, the stock fluctuated between $241.06 and $260.22. Trading volume reached around 31.4 million shares.
This shift is crucial since AMD plays a key role in AI infrastructure—not only in PCs but also in data center processors and accelerators. With earnings just days off, traders are leaning on customer spending cues as stand-ins for order volume.
Thursday saw a sharper divide as investors hit some Big Tech stocks hard over big spending paired with weaker growth. The Nasdaq dropped 0.72%, the S&P 500 edged down 0.13%, with Microsoft tumbling 10%. At the same time, Meta surged 10.4%, highlighting how fast views are swinging on AI investment. 1
Meta projected its 2026 capital expenditure, covering investments in data centers and servers, will range between $115 billion and $135 billion. CEO Mark Zuckerberg described 2026 as “a big year” for the company’s push into “personal superintelligence.” 2
Microsoft reported capital expenditures soaring to a record $37.5 billion in the October-December quarter, marking a nearly 66% jump from the previous year. Around two-thirds of that was funneled into computing chips. Eric Clark, portfolio manager at the LOGO ETF, pointed to the widening gap between revenue growth and rising costs as a concern for investors. 3
Chip stocks rallied a day ago following strong cues from Texas Instruments and others, suggesting the AI data-center surge is spreading past Nvidia’s top chips. “Conditions are improving,” said Louise Dudley, a portfolio manager at Federated Hermes, noting that buyers along the supply chain are ramping up growth plans. 4
AMD announced it will release its fiscal fourth-quarter and full-year 2025 earnings after the market closes on Tuesday, Feb. 3. A conference call is scheduled for 5 p.m. EST that day. Additionally, CTO Mark Papermaster is set to speak at Morgan Stanley’s Technology, Media & Telecom conference on March 3. 5
Thursday’s wide intraday swings reveal just how fast expectations can shift. If there’s any sign that AI orders are getting delayed, or that major clients are favoring in-house chips more aggressively, AMD’s outlook could take a hit — particularly since Nvidia remains the leader in high-end AI hardware.
Investors are currently focused on whether Big Tech’s spending will help hardware stocks hold up better than software and cloud-related names. AMD’s next major event is its earnings report and guidance, due Feb. 3.
