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.
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.” Reuters
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.
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. Reuters
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.
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.
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