NvidiaSAN FRANCISCO, Feb 3, 2026, 07:54 PST
- AMD is set to release its fourth-quarter results after Tuesday’s U.S. market close, with investors zeroing in on data-center growth and AI chip momentum.
- Analysts mostly expect revenue near $9.6–$9.7 billion, with adjusted earnings of roughly $1.32 per share.
- Tight supply and rising memory costs may cloud the PC outlook and impact guidance.
Advanced Micro Devices is set to release its fourth-quarter results after Tuesday’s market close, with expectations running high. Investors are focused on solid performance from the data-center segment and clearer insight into the pace of AI accelerator sales.
The stock has turned into a popular play on the AI hardware surge, pushing expectations higher. The focus has shifted beyond just unit shipments — now, AMD needs to show it’s more than just a strong CPU contender in a GPU-dominated market.
Tensions flared after Reuters reported Monday that OpenAI is hunting alternatives to some of Nvidia’s newest chips for “inference” — the process that runs trained models to respond to user queries. Sources say OpenAI has looked into AMD among other options. Nvidia insists customers pick its gear for inference due to “best performance and total cost of ownership at scale.” Meanwhile, OpenAI CEO Sam Altman praised Nvidia’s tech as “the best AI chips in the world.” Reuters
Wall Street’s consensus for AMD’s fourth-quarter revenue stands near $9.67 billion, marking roughly a 27% rise year-over-year. Adjusted earnings per share are expected to hit around $1.32, excluding certain one-time items. According to an analysis, AMD reported $9.25 billion in revenue in the previous quarter and has a track record of surpassing estimates over the last two years. Its shares have surged approximately 114% over the past 12 months.
XTB is predicting data-center revenue, covering server CPUs and AI GPUs, to hit $4.97 billion. Client PC sales are expected to come in at $2.89 billion, with gaming around $855 million and embedded systems near $961 million. The firm also forecasts a gross margin of roughly 54.5% for the quarter.
AMD’s AI narrative hinges largely on its OpenAI partnership. Back in October, the two companies unveiled a plan to deploy 6 gigawatts of AMD GPUs — a figure that signals massive cluster deployments — starting with a 1-gigawatt launch of Instinct MI450 chips slated for the latter half of 2026. “We are thrilled to partner with OpenAI to deliver AI compute at massive scale,” said Lisa Su. Advanced Micro Devices, Inc.
Most analysts anticipate a “beat and raise” — earnings topping forecasts and an upward revision to guidance — though several caution that supply constraints persist. Cantor Fitzgerald’s C.J. Muse, highlighted by TipRanks, expects a “modest” Q4 beat along with a stronger outlook for Q1, but flagged that client PC shipments might be capped by supply issues. Muse noted, “Client units may be lower due to supply constraints,” adding that higher average selling prices, or ASPs, could offset this if AMD focuses on premium SKUs. TipRanks
Barron’s reported that HSBC analyst Frank Lee lifted his price target on AMD from $300 to $335, citing the boost in server CPU demand driven by “agentic” AI—software capable of taking actions, not just answering questions. Lee wrote, “We believe that the rise of agentic AI is a significant catalyst for server CPU demand.” Barron’s
AMD remains behind Nvidia in the high-end GPU arena and competes with Intel in both PCs and servers. Investors are watching closely for evidence that AMD can continue gaining server market share and persuade more data-center clients to move from pilot tests to full-scale rollouts.
Motley Fool contributor Adam Spatacco noted that major cloud players, or hyperscalers, are adding more AMD hardware alongside Nvidia in their AI setups. He highlighted AMD’s mix of GPUs, CPUs, and its ROCm software—a free, open-source counterpart to Nvidia’s CUDA—as a key factor driving demand. Customers seek more bargaining power on price and availability.
There’s a downside risk here. TrendForce projects conventional DRAM contract prices will surge 90% to 95% in Q1 compared to the previous quarter, fueled by AI and data-center demand. This jump could squeeze consumer electronics makers and drive up PC prices. Meanwhile, rising memory and power costs add pressure to data-center expansions, even as AMD and its clients ramp up AI spending.
AMD will release its earnings after U.S. markets close and plans a conference call at 5 p.m. EST, the company announced. Changes to its first-quarter outlook or updates on AI GPU shipment schedules could send shockwaves through the wider semiconductor sector.
