New York, February 5, 2026, 16:18 EST — After-hours
Shares of Advanced Micro Devices slipped 3.9% to $192.46 in Thursday’s after-hours, dropping $7.73 from Wednesday’s closing price. During the session, the stock fluctuated between $190.75 and $205.07.
AMD took another hit as investors stepped away from pricey “AI trade” stocks, looking for clearer returns on big AI investments. The S&P 500 dropped 1.2%, while the Nasdaq lost 1.57%, with the spotlight on Alphabet’s announcement of up to $185 billion in capital spending planned for 2026. 1
AMD stirred things up late Tuesday, forecasting first-quarter revenue around $9.8 billion, plus or minus $300 million. That suggests a roughly 5% sequential drop—even factoring in China sales. Analysts had pegged expectations slightly lower, at $9.67 billion, according to LSEG data. “The expectations for large blowout quarters for AI-related hardware companies have skewed what the market is looking for,” said Bob O’Donnell, president of TECHnalysis Research. The forecast knocked AMD’s shares down about 8% in after-hours trading. 2
Advanced Micro Devices, Inc. reported fourth-quarter revenue hitting a record $10.27 billion, a 34% jump year-over-year. Diluted EPS came in at $0.92, while on a non-GAAP basis—excluding stock-based compensation and similar items—AMD posted $1.53 per share. The data center segment surged 39% to reach $5.4 billion, also a record. The company confirmed its first-quarter non-GAAP gross margin forecast at around 55%. 3
Shares took a heavy hit on Wednesday, ending the day at $200.19 following a steep 17.31% plunge. 4
China remains a key focus. AMD reported fourth-quarter Instinct MI308 sales to China hitting around $390 million, boosted by a roughly $360 million release of reserved MI308 inventory and related charges. Looking ahead, the company expects about $100 million in MI308 revenue from China in the first quarter. 5
Competition isn’t limited to Nvidia. Bernstein’s Stacy Rasgon called the quarter merely “inline” once you strip out the China boost. That’s as more cloud players turn to custom AI chips, while Google’s deal to supply Anthropic with its own advanced processors ratchets up the pressure on merchant chip vendors. Super Micro Computer surged over 11% after raising its full-year revenue forecast. Meanwhile, AMD’s richer valuation — a forward P/E around 33 versus about 11 for SMCI — leaves little wiggle room for any cautious messaging. 6
AMD submitted new filings this week, such as an 8-K on Feb. 3, followed by its annual report on Form 10-K and a 10-K/A on Feb. 4, per its investor-relations website. 7
A key risk for bulls is the reliability of China revenue, which has recently helped cushion results, potentially becoming less stable or more expensive as export rules evolve. AMD noted in its annual report that U.S. officials expect to claim 15% of revenue from licensed MI308 sales to China, though no formal regulation has yet been issued to enforce this. 8
Traders are now turning to Nvidia’s fiscal 2026 Q4 earnings on Feb. 25 to gauge AI hardware demand and pricing strength — the metric AMD is constantly benchmarked against. 9
