New York, Feb 4, 2026, 13:47 EST — Regular session
- AMD shares plunged nearly 17% following a first-quarter revenue forecast that signals a sequential decline
- Super Micro jumps nearly 9% after raising its full-year sales outlook, driven by strong demand for AI servers
- Traders are focused on Nvidia’s Feb. 25 earnings and a rescheduled U.S. data release as the next key catalysts
Advanced Micro Devices shares dropped almost 17% on Wednesday, deepening their steep slide after earnings as investors sought stronger evidence the company can capture market share in the booming AI data-center chip space. Nvidia slid around 4%, while Super Micro Computer climbed close to 9% amid a volatile day for AI-related stocks.
The shift is significant because the benchmark for AI hardware stocks keeps rising. Investors are now quick to penalize companies whose guidance seems just “fine,” even if recent quarters were strong. They’re scrutinizing margins and customer concentration just as much as top-line growth.
AMD projects first-quarter revenue around $9.8 billion, with a $300 million margin of error, marking a modest dip from the previous quarter despite a surprise lift from renewed AI chip shipments to China. Bernstein analyst Stacy Rasgon noted the near-term AI figures “are not really inflecting.” The company also faces mounting pressure as major tech firms ramp up their use of custom AI chips, while Google’s new deal to supply Anthropic with advanced processors adds fresh competitive strain. Reuters
AMD posted a record $10.3 billion in revenue for the fourth quarter late Tuesday, with a non-GAAP gross margin of 57%. CEO Lisa Su highlighted the company’s “strong momentum” heading into 2026. Notably, AMD flagged that fourth-quarter MI308 sales to China hit roughly $390 million. Advanced Micro Devices, Inc.
On the earnings call, Su highlighted that demand for AMD’s next-gen AI servers, including shipments to OpenAI and others, is expected to pick up in the second half. “I do not believe that we will be supply-limited,” he said. Yet, AMD’s adjusted gross margin forecast of around 55% for the current quarter looks weak compared to Nvidia’s projected mid-70% margin for fiscal 2027. Analysts also noted that AMD’s results were boosted by shipments to China. Reuters
AI infrastructure stocks diverged sharply. Super Micro, a major server supplier to Nvidia and AMD, raised its fiscal 2026 revenue guidance to a minimum of $40 billion, up from $36 billion. The company also projected around $12.3 billion in revenue for the current quarter. CFO David Weigand told analysts that “order strength remains strong” among big data-center and enterprise clients. Reuters
Super Micro forecasted third-quarter net sales of at least $12.3 billion in its earnings release, with non-GAAP net income per share projected to be no less than $0.60, based on an estimated 20% non-GAAP tax rate.
The chip sector’s dip came amid broader jitters in tech after AI startup Anthropic launched an upgraded chatbot and a legal plug-in for its Claude model, designed to automate some routine tasks. This fueled investor worries over potential disruption in software and services. Nvidia CEO Jensen Huang dismissed fears that AI will replace software tools as “the most illogical thing in the world” during a Cisco-hosted event. Reuters
Investors are wary of a downside scenario: demand remains strong, but rising costs and pricing pressure cut into profits. Tariffs, supply chain snarls, and shifts in customer demand can quickly impact server manufacturers. Meanwhile, chip export regulations continue to loom over any business linked to China.
Traders are also gearing up for a backlog of U.S. economic data, delayed by this week’s federal shutdown. The Labor Department announced the January jobs report will drop on Feb. 11, followed by the CPI report on Feb. 13.
Nvidia’s Q4 and fiscal 2026 earnings drop on Feb. 25, followed by a 2 p.m. PT conference call. The focus: any shifts in data-center demand or supply constraints.
