New York, Feb 2, 2026, 10:00 (EST) — Regular session
- AMD shares jump roughly 3% ahead of Tuesday’s earnings report
- Options pricing suggests about a 9% move following earnings in the week ahead
- Investors are looking for signs of growth in data centers and demand for AI chips
Advanced Micro Devices shares climbed roughly 3.2% to $244.32 this morning, rebounding from an early dip to $229.81. The stock hovered about $7.59 above Friday’s close and approached the session peak of $245.72.
The market showed some recovery amid a volatile session. Wall Street started Monday in the red following a steep drop in precious metals, which rattled investor confidence ahead of a busy week loaded with earnings reports and key economic indicators. (Reuters)
That’s crucial for AMD as investors wrestle with how much the top tech buyers will pour into data centers in 2026. Goldman Sachs analysts note that consensus forecasts for AI hyperscalers’ capex have surged 38% from 2025, reaching $561 billion. (Reuters)
Chip stocks showed a mixed picture. Nvidia dropped roughly 2%, but Intel climbed over 3%. The iShares Semiconductor ETF gained around 0.8%, and the Nasdaq-100 proxy QQQ ticked up about 0.4%.
AMD will release its fiscal fourth-quarter and full-year 2025 results after the market closes Tuesday. The company said management will host a conference call at 5:00 p.m. EST. (AMD)
AMD’s latest quarterly update put Q4 revenue around $9.6 billion, with a margin of error of $300 million, and a non-GAAP gross margin near 54.5%, which excludes certain items. The forecast doesn’t factor in any income from MI308 data-center GPU sales to China. CEO Lisa Su described the “strong fourth quarter guidance” as a “clear step up,” while CFO Jean Hu highlighted that AMD “generated record free cash flow.” (Advanced Micro Devices, Inc.)
Tuesday’s report will put the spotlight on how fast data-center growth is moving and any updates on shipments of AI accelerators — the chips powering large AI models. Expect the initial reaction to hinge more on 2026 guidance and sentiment than on the just-finished quarter.
The options market is gearing up for a sharp move. According to OptionSlam, the “implied move” stands near 8.86% for the week covering the earnings report, reflecting the expected volatility priced in by options. For the full month, the implied swing is around 11.99%. (Optionslam)
Over the weekend, a fresh update on AI infrastructure demand emerged: Oracle announced plans to raise between $45 billion and $50 billion this year to boost its cloud infrastructure. The company pointed to AI workloads and clients like AMD, Nvidia, and OpenAI as key drivers. Investors are pushing for more transparency on returns as these spending goals ramp up. (Reuters)
That said, the setup works both ways. Should AMD’s forecast hint at slower growth, margin squeezes, or tougher pricing battles with Nvidia and Intel, traders might pull back from the pre-earnings rally fast.
Friday’s U.S. jobs report is set to be the next key macro event after earnings. The Employment Situation report for January 2026 will drop at 8:30 a.m. ET on Feb. 6, according to the Bureau of Labor Statistics schedule. (Bureau of Labor Statistics)
AMD’s upcoming steps depend heavily on Tuesday’s earnings and the tone executives set around Q2 demand.
