AMD Stock Today, November 22, 2025: AI CPU Leaks, Hedge‑Fund Rebalancing and Analyst Upgrades After a Steep November Pullback

Advanced Micro Devices (NASDAQ: AMD) heads into the weekend under pressure after another volatile week for AI chip names. The stock closed Friday, November 21, at $203.78, down 1.09% on the day and more than 20% below its late‑October highs, even though it remains up around 70% year to date. ^[1]

At the same time, Wall Street’s long‑term AI narrative around AMD is getting louder, not quieter: fresh hedge‑fund filings, a new leveraged ETF tied to AMD, and a series of bullish analyst targets all hit the tape today, November 22, 2025. ^[2]

Below is a detailed look at where AMD stock stands today and what the latest news means for investors watching the AI chip race.

AMD stock snapshot after Friday’s close

Last close (Nov 21): $203.78
Daily move: –$2.24 (–1.09%)
Intraday range: roughly $195.00 – $208.83
52‑week range: $76.48 – $267.08
Market cap: ~$332 billion
Trailing P/E: ~117x, P/E/G ~2.4, beta ~1.9 ^[3]

Data from multiple price trackers show AMD has now logged six straight daily declines, including a 7.8% drop on Thursday alone, leaving the stock more than 20% below its late‑October peak around $264. ^[4]

Even after that correction, AMD is still:

Up ~68–69% year to date, and
Up roughly 49–50% over the past 12 months TechStock²+1

That combination—big gains plus rich valuation—is key to understanding why every negative headline is hitting the stock so hard this month.

The big AMD headlines dated November 22, 2025

1. AI laptop CPU benchmark leaks keep pressure on shares

One of the main narrative drivers for AMD this week has been leaked benchmarks for upcoming Ryzen AI laptop chips.

Reports from TradingView, TipRanks and others describe benchmark scores for several unreleased Ryzen AI CPUs surfacing in public databases such as CrossMark and SiSoftware Sandra. These include parts reportedly branded along the lines of Ryzen AI 9 and Ryzen AI 7 mobile processors. ^[5]

The leaks themselves are not final, shipping products, but they sparked debate about how AMD’s next‑gen AI PCs might stack up against rival offerings. Coverage tied Friday’s intraday slide—at one point around 3–4% down on the day—to those benchmark headlines, even though the stock ultimately closed the session off about 1%. ^[6]

For now, the impact is mostly sentiment‑driven:

They concern consumer laptop CPUs, not AMD’s flagship Instinct MI3xx data‑center GPUs.
Pre‑release benchmarks often change before launch.
But in a market already nervous about an “AI bubble,” any hint that new AI silicon might be less dominant than hoped provides another excuse for traders to take profits. TechStock²+1

2. AI bubble jitters and a sector‑wide chip sell‑off

AMD’s slide isn’t happening in isolation. A recent market report notes that by November 2025, nearly 45% of global fund managers see an AI stock bubble as the top systemic risk, and chip stocks broadly have come under pressure after an extended AI‑driven rally. ^[7]

Highlights from that broader backdrop:

The Nasdaq and AI‑heavy semiconductor indices have broken below key technical supports in early November. ^[8]
Nvidia’s latest earnings beat was followed by a “sell the news” reaction, triggering a sharp pullback in leading AI names. ^[9]
Articles tracking the move point out that AMD dropped almost 8% in Thursday’s session alone (Nov 20) and is now down about 22% in a month, even as it remains a big winner for 2025 overall. ^[10]

In short, macro sentiment around AI chips has turned cautious, and AMD—highly visible, highly valued, and tightly linked to AI infrastructure—is one of the names investors sell first when they rebalance risk.

3. Hedge‑fund and institutional flows: small trims, fresh buyers

Today’s filings and fund disclosures show a flurry of modest position changes, rather than a wholesale rush for the exits:

Rhumbline Advisers trimmed its AMD stake by about 4% in Q2, to just under 2.9 million shares (roughly 0.18% of the company), still worth over $410 million at the time of the filing. ^[11]
Meridian Wealth Advisors reduced its position by 4.1% to around 33,099 shares, valued at around $4.7 million. ^[12]
MUFG Securities Americas went the other way, increasing its AMD holding by 25.3% to about 35,935 shares, worth just over $5.0 million. ^[13]
A new MarketBeat note shows ABN AMRO Bank N.V. initiating a position with 1,702 shares, roughly $243,000of AMD stock. The same report estimates that about 71% of AMD’s shares are held by institutions and hedge funds. ^[14]

On the more visible side of active management, a TipRanks roundup of Cathie Wood’s ARK funds shows a small trim in AMD—just 1,623 shares sold, worth roughly $334,000—as ARK rotated capital into AI cloud company CoreWeave and several crypto‑related positions. ^[15]

Taken together, these moves suggest portfolio rebalancing rather than a mass institutional exit. Big money is adjusting exposure after a massive run and sharp pullback, but AMD continues to be widely held by large investors.

4. New leveraged ETF AMDL amplifies AMD’s volatility

One of today’s more niche headlines is the spotlight on AMDL, a 2x leveraged ETF designed to deliver twice the daily performance of AMD stock. ^[16]

Key points from AInvest’s coverage:

AMDL gives traders magnified exposure to AMD’s daily swings—both up and down.
Because it resets daily, it is not built for long‑term buy‑and‑hold investors; compounding can cause returns to diverge significantly from 2x AMD over time.
The article stresses that AMDL is most suitable for experienced, short‑term traders with clear exit strategiesdue to its sensitivity to AMD’s volatility. ^[17]

The existence and active promotion of such a product underlines just how central AMD has become to the AI‑trading narrative: when there’s a 2x ETF built on a single chip stock, you know the name is on every momentum trader’s screen.

5. Fresh analyst activity: Raymond James upgrade and Street targets

Several analyst moves around AMD are also in focus today:

Raymond James has upgraded AMD to a “Moderate Buy” category in MarketBeat’s summary, joining a broad chorus of bullish firms. ^[18]
A MarketBeat forecast update, refreshed today, shows:
- 42 Wall Street analysts covering AMD over the past 12 months.
- Consensus rating: “Moderate Buy”.
- Breakdown: 3 Strong Buy, 28 Buy, 11 Hold, 0 Sell.
- Average 12‑month price target: $278.54, implying roughly 37% upside from the current price.
- Target range: $140 (low) – $380 (high). ^[19]

Individual notes over the past few weeks have also raised targets:

UBS lifting its AMD target from $265 to $300 with a Buy rating. ^[20]
Cantor Fitzgerald, Barclays and others reiterating Overweight/Buy stances with targets in the $270–$350 range, citing accelerating AI and data‑center momentum. ^[21]

At the same time, a widely circulated Motley Fool–branded piece—syndicated via Finviz and AOL—argues that while AMD is delivering impressive revenue growth, Wall Street is still wrestling with profitability, valuation and execution risks, which helps explain why the stock has slipped despite earnings beats. ^[22]

Fundamentals: record Q3 results and a bold AI roadmap

While the stock is wobbling, AMD’s underlying business metrics are moving sharply higher.

Q3 2025: Record revenue and improving margins

On November 4, AMD reported record Q3 2025 results: ^[23]

Revenue: $9.25 billion, up about 36% year over year and 20% sequentially.
GAAP gross margin: 52%; non‑GAAP gross margin: 54%.
GAAP EPS: $0.75; non‑GAAP EPS: $1.20, up roughly 30% from the prior year.
Non‑GAAP operating margin: 24%, versus 12% in the prior quarter.

Segment commentary around the release and subsequent analysis highlighted: ^[24]

Data Center revenue above $4 billion, lifted by 5th Gen EPYC CPUs and Instinct MI350/MI355X AI accelerators.
Client and Gaming segments rebounding, helped by stronger Ryzen CPU pricing and improved gaming demand.
Embedded slightly weaker year on year, reflecting digestion after prior cycles.

For Q4 2025, AMD guided: ^[25]

Revenue around $9.6 billion (±$300 million) – roughly 25% YoY growth at the midpoint.
Non‑GAAP gross margin around 54.5%.
Importantly, that outlook excludes any revenue from Instinct MI308 shipments to China due to export controls, suggesting AI demand is strong enough to support growth even without those sales.

Financial Analyst Day: targeting the $1 trillion compute market

At its Financial Analyst Day on November 11, AMD laid out one of the most aggressive long‑term roadmaps in the semiconductor industry. ^[26]

Key strategic points:

AMD aims to lead what it calls a $1 trillion “compute market”—CPUs, GPUs and AI accelerators across cloud, enterprise and edge.
Management is targeting over the next 3–5 years:
- >35% company‑wide revenue CAGR.
- Non‑GAAP operating margin >35%.
- Non‑GAAP EPS above $20.
- Data‑center revenue CAGR >60%.
- Double‑digit growth in Client, Gaming and Embedded.
AMD sees a path to more than 50% server CPU revenue share, up from today’s already significant footprint, and an aggressive push into AI accelerators.

On the AI GPU side, AMD outlined a multi‑generation roadmap: ^[27]

Instinct MI350 Series – described as the fastest‑ramping product in company history, already deployed at scale with hyperscale cloud partners like Oracle.
“Helios” systems with MI450 GPUs – rack‑scale platforms expected to deliver performance and memory leadership starting in 2026.
MI500 Series – next‑generation accelerators slated to extend AMD’s AI performance roadmap into 2027 and beyond.

A Reuters recap of the event notes that AMD is effectively targeting around $100 billion in annual data‑center revenue by 2030, positioning itself as the primary challenger to Nvidia in AI infrastructure. ^[28]

What Wall Street is worried about vs. what the bulls are betting on

Today’s mixed headlines capture the tug‑of‑war around AMD stock.

The bear/concern side

Valuation remains demanding
Even after the pullback, AMD trades at over 100x trailing earnings and a double‑digit price‑to‑sales ratio, far above market medians. ^[29]
AI bubble risk and macro volatility
Surveys show AI stocks are widely viewed as the top perceived market bubble, leaving high‑beta names like AMD vulnerable to further de‑rating if sentiment sours. ^[30]
Execution on an extremely ambitious roadmap
Promising >35% revenue CAGR and >$20 EPS means AMD must execute nearly flawlessly—on product timing, yields, software ecosystem, and supply chain—over several years. ^[31]
Competitive intensity
Nvidia still dominates AI accelerators, and Intel is fighting hard in both client and server CPUs. Several analyses note that AMD’s software ecosystem (ROCm, compilers, frameworks) still trails Nvidia’s CUDA in maturity and adoption. ^[32]
Regulatory and geopolitical risk
Export controls have already forced AMD to exclude some China‑bound GPU revenue from guidance; further restrictions could crimp upside in key AI markets. ^[33]

The bull/optimistic side

Fundamentals are finally catching up to the AI story
AMD is no longer just promising AI growth; Q3 showed mid‑30% revenue growth, expanding margins, and strong data‑center momentum, with guidance calling for further acceleration into Q4. ^[34]
Real AI traction with marquee customers
Trefis and company filings highlight multi‑billion‑dollar deals like Oracle’s order for tens of thousands of MI355X GPUs, plus a major partnership with OpenAI to deploy roughly 6 gigawatts of Instinct GPUs over time. ^[35]
CPU leadership and pricing power
AMD continues to take share in x86 server CPUs, with EPYC estimated to hold well over a third of the market in mid‑2025, and client CPU average selling prices up sharply—evidence of pricing power and cash‑generation capacity. ^[36]
Street targets still point to upside
With an average 12‑month price target near $278.54, analysts on balance see mid‑30% upside from current levels, even after factoring in recent volatility. ^[37]
Recent pullback improves the risk‑reward for long‑term investors
As Trefis notes, AMD’s stock is cheaper on a price‑to‑sales basis than a year ago, even though revenue, margins and AI deal flow are stronger, suggesting a more attractive entry point for those with a multi‑year horizon—provided they can stomach volatility. ^[38]

Key things to watch after today

Looking beyond November 22, investors following AMD may want to track:

Official launches and reviews of the new Ryzen AI laptop CPUs, to see whether final performance matches or exceeds early leaked benchmarks. ^[39]
Deployment milestones for MI350/MI355X and upcoming MI450 systems, especially wins with hyperscalers and AI infrastructure providers. ^[40]
Q4 2025 earnings (early 2026), where management will be tested on its $9.6B revenue and mid‑50s gross‑margin guidance. ^[41]
Further analyst revisions—both target hikes (if execution stays strong) and potential downgrades (if AI bubble worries persist). ^[42]
Policy developments on AI chip exports, particularly to China and other regulated markets. ^[43]

Bottom line

For November 22, 2025, the AMD story is one of short‑term pain versus long‑term potential:

The stock is in a sharp, AI‑driven correction, weighed down by leaked CPU benchmarks, AI bubble chatter and profit‑taking after a huge year.
Yet the fundamental narrative—record earnings, a bolder AI roadmap, and continued analyst support—remains intact, with institutions still heavily invested and some new buyers stepping in. ^[44]

Whether AMD’s latest pullback is a short‑term scare or the start of a deeper reset will depend on how quickly the company can convert its ambitious AI plans into sustained earnings growth—and how long the market is willing to pay a premium for that promise.

Important: This article is for informational and news purposes only and does not constitute financial or investment advice. Always do your own research and consider consulting a licensed financial adviser before making investment decisions.

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