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.
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.” Reuters
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.
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. Reuters
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.
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. Reuters
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.
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