New York, February 3, 2026, 05:00 EST — Premarket
Advanced Micro Devices shares climbed roughly 4% in early trading Tuesday, reaching $246.27. The stock had ended the prior session at $236.82.
After the close, the chipmaker will release its earnings, with investors betting on another solid quarter from its data-center segment. Wall Street forecasts adjusted EPS of $1.32 on revenue near $9.7 billion for the December quarter, including about $5 billion from data centers, based on consensus estimates. RBC Capital Markets’ Srini Pajjuri highlights supply constraints at Intel that might keep pushing server CPU orders AMD’s way, while competition from Arm Holdings adds uncertainty. Several analysts are predicting a “beat-and-raise” — results and guidance topping expectations. (MarketWatch)
Sentiment took a hit after Reuters reported late Monday that OpenAI is exploring alternatives to certain Nvidia chips, eyeing deals with AMD and startups like Cerebras and Groq, according to sources familiar with the matter. The focus is on the “inference” stage—when a trained model produces answers—even though OpenAI still depends heavily on Nvidia hardware. OpenAI CEO Sam Altman posted on X that Nvidia makes “the best AI chips in the world,” while Nvidia said customers choose its gear for “best performance” at scale. (Reuters)
AMD jumped 4% on Monday, riding a wave of enthusiasm for AI spending that pushed chipmakers higher. The S&P 500 ended the day up, narrowly missing a record close. Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder, noted that “the fundamentals are good and earnings are strong” as investors dive deeper into earnings season. (Reuters)
HSBC’s Frank Lee bumped up his price target for AMD to $335 while maintaining a buy rating. He pointed to a boost in server demand driven by “agentic AI” — AI software agents capable of handling multi-step tasks. (Barron’s)
Another earnings preview showed consensus estimates pointing to about 27% year-over-year revenue growth, following a quarter where AMD reported $9.25 billion in sales and exceeded revenue expectations. (Investing)
In early trading, Nvidia dropped roughly 2.9%, while Intel climbed around 5%, highlighting the rapid shifts in sentiment within the semiconductor sector ahead of earnings.
Expectations are climbing, though. A wary stance on data-center spending, a slower AI accelerator rollout, or margin squeeze from pricing could weigh on the stock despite its pre-earnings gains. The OpenAI factor might turn out to be more indirect—major clients can trial new chips without triggering significant volume shifts.
AMD is set to release its fiscal fourth-quarter and full-year 2025 results and hold an earnings webcast at 5:00 p.m. EST on Feb. 3, per its investor relations calendar. The company’s guidance and remarks on inference demand and key customer orders could move shares when markets open Feb. 4. (Amd)
