New York, January 29, 2026, 10:27 (EST) — Regular session
Advanced Micro Devices shares slipped 1.6% to $248.59 in Thursday morning trading, retreating from an earlier peak of $260.22. The stock lost $4.15 compared to its previous close.
The shift happened as U.S. tech shares took a hit. The Nasdaq dropped roughly 1% early on, dragged lower by Microsoft, which stumbled after cloud revenue missed expectations. That fueled fresh doubts about whether hefty AI investments are paying off quickly enough. 1
This debate hits home for AMD, whose chips power the servers behind AI. Capital expenditures on data centers and gear — or “capex” — are the key variable. Anthony Saglimbene, chief market strategist at Ameriprise Financial, said investors are looking for “very visible monetization or earnings.” 2
Microsoft’s figures added to the jitters. Shares dropped in Europe after the company revealed it poured a record sum into AI last quarter and reported slower growth in cloud computing, spooking investors fixated on short-term gains. 3
Meta shifted gears, raising its 2026 capital expenditure outlook to $115 billion-$135 billion amid its drive toward “superintelligence,” CEO Mark Zuckerberg told analysts. CFO Susan Li warned that capacity constraints will likely persist through much of 2026. 4
Chip shares surged the previous day on a growing AI wave. Positive cues from Texas Instruments and others pushed several names up. AMD, Nvidia, and Intel all gained as investors wagered that data-center demand is expanding past Nvidia’s top-tier processors. 5
Thursday saw a cooler mood across the sector. Nvidia slipped 1.6% to $188.48, while Intel dropped roughly 1.5%, closing at $48.05. AMD stayed roughly in line with the group’s movement.
But sentiment can shift fast. Software shares dropped following SAP’s cautious forecast for its cloud business and a sell-off in ServiceNow. Adam Turnquist of LPL Financial noted the market appears to be pricing in a “worst case scenario” — basically that “software is dead” as AI shakes up the sector. 6
AMD’s next major event is right around the corner. The company will release its fiscal fourth-quarter and full-year 2025 results after the market closes on Feb. 3, followed by a 5:00 p.m. EST conference call. CTO Mark Papermaster is also set to appear at Morgan Stanley’s Technology, Media & Telecom Conference on March 3. 7
