NEW YORK, July 6, 2026, 05:04 (EDT)
- Advanced Micro Devices traded up ahead of the bell, though the early move clawed back just 56% of what it lost in the last session.
- Nvidia news and a minor customer update moved the trade, with less impact from AMD’s new guidance.
- AMD’s market cap was under a fifth of Nvidia’s, but the stock traded at a trailing P/E more than five times Nvidia’s in the latest quote data.
- Next up is to see if July AI product announcements are enough to hold up a share price that’s already set high for a big earnings jump.
Advanced Micro Devices Inc. NASDAQ:AMD traded at $530.64 in premarket at 04:46 ET, showing a 2.47% uptick from its $517.82 close in the last session, per Investing.com. The stock had dropped 4.26% in regular hours. The premarket rebound clawed back $12.82 of a $23.06 slide, or about 56%, but AMD was still $10.24 below its previous close using this calculation.
| AMD price bridge | Amount |
|---|---|
| Stock last finished at | $517.82 |
| Change in previous regular session | -$23.06 / -4.26% |
| Latest premarket quote | $530.64 |
| Premarket change | +$12.82 / +2.47% |
| Portion of drop regained | 55.6% |
| Gap vs previous close | -$10.24 / -1.9% |
The cash market hadn’t opened yet. For 2026, NYSE’s official calendar shows Friday, July 3 as the Independence Day holiday. Regular trading is scheduled for 9:30 a.m. to 4:00 p.m. ET.
AMD got early interest that some traders pegged as a read-through after Investing.com said the stock was up premarket. The move tracked a SemiAnalysis story saying Nvidia’s Kyber NVL144 rack-scale AI system had hit manufacturing problems and was now delayed to 2028, more than a year later than planned. The same Investing.com note flagged a Wells Fargo target bump on AMD to $615, with the bank keeping its Overweight call.
A separate data point came through Bloomberg Law, which said Japanese self-driving firm Turing Inc. picked up AMD Ventures as an investor. Executives told Bloomberg about 10% of Turing’s AI training workload now runs on AMD GPUs.
AMD hasn’t posted a new press release in the last two days, according to its news page. The most recent press release was a June 16 announcement about Rackspace Technology and AI compute, while the latest blog entry was from June 30 and covered Versal Premium Gen 2. So far today, the stock was moving on outside reports about AI supply chain issues and customer adoption, with no new AMD guidance steering the early session.
Live quote data showed the valuation test clearly:
| Name | Google Finance ticker | Latest price | Move vs prior close | Market value | TTM P/E |
|---|---|---|---|---|---|
| Advanced Micro Devices Inc. | NASDAQ:AMD | $517.82 | -4.24% | $854.4 bln | 169.8 |
| Nvidia Corp. | NASDAQ:NVDA | $194.83 | -1.47% | $4.75 trln | 29.7 |
| Intel Corp. | NASDAQ:INTC | $120.35 | -5.19% | $611.7 bln | N.M. |
| iShares Semiconductor ETF | NASDAQ:SOXX | $566.32 | -5.51% | $6.65 bln | — |
| Invesco QQQ Trust Series 1 | NASDAQ:QQQ | $712.60 | -1.70% | $339.7 bln | — |
AMD traded at nearly 18% of Nvidia’s market cap, but its trailing multiple came in at around 5.7 times Nvidia’s in that feed. The company’s market value also sat roughly 40% above Intel. That’s the sticking point for investors: AMD’s sales base is still more “second-source” in AI chips, but its stock price doesn’t line up with how second-tier stocks usually trade.
Futures were higher ahead of the bell. Barron’s said early Monday that Dow futures added 0.1%, S&P 500 futures climbed 0.4%, and Nasdaq 100 futures jumped 1.0%. Tech stocks led the early gains.
Rate risk is still a concern for chip stocks with high multiples. Reuters said on Friday that semiconductors led much of the Q2 rally, but tech names had started to swing wider. Joe Mazzola at Charles Schwab said he’s watching “whether or not that broadening continues.” Matthew Miskin at Manulife John Hancock said the market is looking at “how incrementally hawkish” the Fed appeared in the June minutes. James Ragan from D.A. Davidson called the tightening cycle a risk for “the market and the valuations.” Reuters
AMD’s story is still about data center growth. The chipmaker posted Q1 revenue of $10.3 billion, up 38% year over year. Data center sales hit $5.8 billion, up 57%. CEO Lisa Su called data centers “the primary driver” for both revenue and earnings. She said customer interest in the MI450 Series and Helios is getting stronger. Advanced Micro Devices, Inc.
AMD’s next big event for investors is the Advancing AI 2026 meeting, coming up July 22-23 at Moscone West in San Francisco. According to Investing.com, AMD’s next earnings are due Aug. 4.
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