AMD Stock Today (November 28, 2025): AI Jitters, Big-Money Buying and a Rebound Attempt After Its Worst Month Since 2022

Advanced Micro Devices (AMD) is trying to claw back ground on Friday, November 28, as investors digest a bruising November, fresh AI partnership news, and a wave of new institutional holdings disclosures.

AMD last closed at $214.24 on Wednesday, up about 3.9% from the prior session. There was no regular trading on Thursday due to the U.S. Thanksgiving holiday. Pre‑market quotes early Friday point to a slightly higher open in the $216–217 range, signaling a modest positive start to the holiday‑shortened session. ^[1]

Even with that bounce, AMD stock is still down roughly 17% for November—its worst month since late 2022—after a sharp pullback from its late‑October record near $267. Over the past year, however, the shares remain up about 56%, underscoring how violent the recent reversal has been following a huge AI‑driven rally earlier in 2025. ^[2]

Below is a detailed look at what’s moving AMD stock today, why November has been so painful, and how Wall Street is framing the risk–reward going into 2026.

AMD stock price snapshot for November 28, 2025

Key numbers as markets reopen after the Thanksgiving break:

Last regular close: $214.24 (Wednesday, November 26)
Move vs prior close: +$8.11, or +3.93%
Pre‑market indication (Friday): roughly $216–217, up about 1% from Wednesday’s close
One‑week performance: about −7%
November performance: about −17%, making it AMD’s worst month since September 2022
12‑month performance: approximately +56%
52‑week range: ~$76.48–$267.08
Market cap: about $349 billion
Valuation: roughly 123x trailing earnings, PEG ~2.4
Volatility: daily moves around 4–5%; beta near 1.9, meaning AMD tends to swing more than the broader market. ^[3]

In other words, AMD remains a high‑beta, high‑expectation AI chip stock in the middle of a sudden sentiment reset.

The big story: November became AMD’s worst month since 2022

The core narrative behind AMD’s slump this month is simple:

Explosive AI optimism collided with custom‑chip fears and valuation fatigue.

A series of reports late in November suggested that Meta Platforms may increasingly use Google’s in‑house Tensor Processing Units (TPUs) for some AI workloads, rather than relying entirely on third‑party GPUs from Nvidia and AMD. ^[4]

Those headlines sparked:

A sector‑wide sell‑off in AI accelerators
Intraday drops of 7–9% in AMD on November 25
A cumulative ~17–23% slide for November, depending on whether you measure from early‑month levels or late‑October peaks ^[5]

Coverage from outlets including the Economic Times and specialized AI/markets analysis platforms highlights several pressures hitting AMD at once: ^[6]

AI competition:
- Google’s new Gemini 3 model and its aggressively promoted TPUs are viewed as a growing threat to GPU‑based solutions.
- If big cloud customers like Meta divert more workloads to in‑house or partner custom silicon, AMD’s potential AI market share could be capped.
Macro and cost worries:
- Rising interest‑rate uncertainty and questions about the durability of AI spending by hyperscalers are weighing on richly valued tech stocks.
- Memory prices have surged—DRAM contract prices jumped sharply in Q3—raising concerns about system costs and PC demand.
Positioning and profit‑taking:
- After nearly doubling earlier in the year, AMD became a crowded AI trade.
- Some analysts describe November’s slide as “weak hands” and momentum traders bailing after AMD’s big Analyst Day pop. ^[7]

Put together, the month looks less like a company‑specific collapse and more like a violent repricing of AI chip expectations, with AMD caught squarely at the intersection of high expectations and new competitive headlines.

At the same time, AMD’s AI and data‑center story is getting bigger

While the stock chart looks ugly, the fundamental news flow on AI and data centers has been largely positive through November.

Strong Q3 numbers and upbeat Q4 guidance

On November 4, AMD reported Q3 2025 revenue of $9.25 billion, beating expectations of about $8.74–8.76 billion and growing ~36% year on year. Adjusted earnings per share came in at $1.20, slightly ahead of the $1.17 consensus. ^[8]

Key details:

Data center revenue rose 22% to about $4.3 billion, driven by EPYC server CPUs and Instinct AI GPUs.
PC (“client”) revenue jumped 46% to $2.8 billion as “AI‑PC” upgrades began to kick in.
Adjusted gross margin held at 54%, above what many feared given heavy AI investments. ^[9]

For Q4, AMD guided to about $9.6 billion in revenue (±$300 million), ahead of Wall Street’s ~$9.15 billion estimate, leaning heavily on AI hardware demand and expanding data‑center footprints. ^[10]

A very aggressive long‑term roadmap

At its Financial Analyst Day on November 11, AMD laid out one of the most ambitious long‑term plans in the semiconductor space. Management is targeting: ^[11]

>35% compound annual revenue growth over the next 3–5 years
>60% revenue CAGR in data center, and >80% in AI data‑center revenue
Non‑GAAP EPS >$20 over that time frame
>50% server CPU revenue market share
>40% client (PC) share and >70% share in adaptive/embedded

AMD also detailed an aggressive GPU roadmap:

Rapid ramp of the Instinct MI350 series
“Helios” systems powered by MI450 GPUs starting in 2026
A MI500 family planned for 2027

These targets underpin bullish scenarios that imagine AMD eventually approaching $100 billion in annual data‑center revenue and potentially a $1 trillion market cap later in the decade, assuming execution and margins cooperate. ^[12]

Saudi Arabia AI “powerhouse” joint venture

Today’s news flow adds another long‑duration AI catalyst: a major international infrastructure push.

On November 28, multiple reports highlighted that AMD, Cisco, and HUMAIN (a Saudi PIF‑backed AI firm) are forming a joint venture to build out Saudi Arabia’s next‑generation AI infrastructure. ^[13]

According to those reports:

The first phase includes a 100 MW AI build‑out using AMD’s Instinct MI450 GPUs plus Cisco’s networking and data‑center systems.
The long‑term goal is up to 1 GW of AI infrastructure by 2030, turning the kingdom into a significant global AI compute hub.
The project aims not only to deploy hardware but also to develop local AI talent and capabilities, strengthening AMD’s presence in the Middle East. ^[14]

This Saudi initiative sits alongside other marquee AI partnerships:

A multi‑year deal with OpenAI, with AMD systems backing up to 6 gigawatts of AI infrastructure capacity starting in the second half of 2026, according to reporting summarized by the Economic Times. ^[15]
Large GPU orders from Oracle (roughly 131,000 MI355X GPUs referenced in recent analysis), reinforcing real‑world demand for AMD’s AI accelerators. ^[16]

So even as the stock sells off, AMD’s AI and data‑center deal pipeline looks increasingly substantial.

Fresh institutional buying: Norges Bank, hedge funds and asset managers step in

One of the most notable themes in today’s filings news is how much big money continues to accumulate AMD, even as the share price corrects.

Recent 13F and holdings updates released on November 28 show: ^[17]

Norges Bank (Norway’s sovereign wealth fund)
- Initiated a new stake of ~21.8 million AMD shares, valued at roughly $3.1 billion, now holding about 1.3% of the company.
Quadrature Capital
- More than doubled its position, adding 82,719 shares to reach 160,522 shares worth about $22.8 million.
Scotia Capital
- Increased its holdings by 1.5% to about 156,657 shares (~$22.2 million).
Advisors Asset Management
- Lifted its AMD stake 16.4% to 26,091 shares (~$3.7 million).
Johnson Financial Group
- Boosted holdings 211% to 3,388 shares.
United Super Pty Ltd (Construction & Building Unions Superannuation Fund)
- Disclosed a new position of 1,600 shares (about $227,000).

Across these filings, AMD’s institutional ownership is cited around 71%, reflecting deep participation by large asset managers such as Vanguard, Geode, Amundi, Invesco and Schwab, all of which have been gradually increasing positions. ^[18]

This “buy‑the‑dip” behavior from long‑only institutions stands in contrast to the short‑term selling seen in momentum and retail flows.

But not everyone is buying: ARK Invest rotates out of AMD

Balancing that institutional accumulation story, Cathie Wood’s ARK Invest has been trimming AMD exposure.

Disclosures and coverage today indicate that: ^[19]

ARK sold roughly $38–39 million of AMD stock while
Increasing its stakes in Alphabet (Google), Meta, and crypto‑linked names such as Coinbase and Circle‑related stocks.

Commentary around these trades frames it as a sector rotation within ARK’s innovation‑themed funds—leaning into platform players and crypto leverage plays—rather than a statement that AMD’s AI story is “over.” Still, the optics of a high‑profile growth investor dumping AMD while the stock is sliding adds to near‑term sentiment pressure.

What Wall Street analysts are saying about AMD now

Despite the volatility, Wall Street remains broadly positive on AMD.

Consensus ratings and price targets

Aggregated forecasts from multiple platforms show: ^[20]

Rating consensus: “Buy”
Number of covering analysts: ~34–36
Average 12‑month price target:
- Around $240–246 per share
- Implies roughly 12–15% upside from the mid‑$210s
High target:$345 (Wells Fargo and others)
Low target: around $100 (Jefferies)

Recent updates around Analyst Day (November 12) saw firms like Roth Capital, Piper Sandler, Wells Fargo, BofA Securities, Wedbush and others reaffirm Buy/Outperform ratings with targets typically in the $270–345 range, arguing that AMD can meaningfully expand its AI and data‑center share over the next few years. ^[21]

The valuation debate

Where analysts disagree is how much of that future is already priced in:

At roughly 123x trailing earnings and a PEG above 2, AMD trades at a premium multiple, even compared with other high‑growth chip names. ^[22]
More cautious voices note that AMD’s AI data‑center revenues are still early in their ramp and that the company must execute nearly flawlessly on MI350/MI450, software (ROCm) and ecosystem adoption to justify those multiples. ^[23]

In short, analyst sentiment is bullish, but not blind: most houses still see upside, yet acknowledge that expectations and competition leave little room for major missteps.

Key risks to AMD stock investors are watching

Today’s rebound attempt doesn’t erase the genuine risks markets are pricing in:

Custom‑chip and TPU competition
- If Google’s TPUs and other custom accelerators gain share inside mega‑scale AI data centers, AMD’s serviceable market could shrink relative to today’s narratives. ^[24]
Customer concentration and AI spending cycles
- AMD’s long‑term targets assume sustained hyperscaler investment and rapid AI adoption. Any slowdown or shift in spending priorities at top customers (OpenAI, Microsoft, Meta, Oracle, etc.) would hit the model hard. ^[25]
Supply chain and cost inflation
- Rising memory/DRAM prices and ongoing AI system cost inflation could pressure margins or slow demand in PCs and some data‑center deployments. ^[26]
Macro and rates
- High‑multiple growth stocks are sensitive to interest‑rate expectations. If the path of rate cuts is shallower than the market hopes, valuation compression is a real risk—even if fundamentals keep improving. ^[27]
Geopolitics and export controls
- AMD, like Nvidia, is navigating tightening U.S. export rules on advanced AI chips to China. AMD has secured licenses to sell modified MI300‑series chips, but volumes and pricing in that market remain uncertain. ^[28]

Why today matters for the AMD stock narrative

For investors tracking AMD stock today, November 28, 2025, the market seems to be wrestling with two competing truths:

Bearish near‑term setup:
- Worst month since 2022
- Custom‑chip/TPU worries
- Rich valuation and high expectations
- Elevated volatility
Bullish multi‑year story:
- Q3 and Q4 guidance confirm strong AI and PC trends
- Long‑term targets point to explosive data‑center scale and EPS growth
- Major partnerships (OpenAI, Oracle, HUMAIN/Cisco in Saudi Arabia) reinforce AMD’s position as a key AI compute supplier
- A wave of sovereign and institutional buying is stepping in on the dip

Put differently, AMD today is not trading like a broken story, but rather like a high‑growth AI leader going through a sentiment reset after a crowded run‑up.

What to watch next for AMD stock

Going into December and 2026, the main catalysts and data points AMD watchers are focused on include:

Early signs of MI350/MI450 adoption at hyperscalers and whether Oracle‑style GPU orders become more common. ^[29]
Updates on OpenAI and other large AI cloud deployments, including how quickly the promised 6 GW build‑out ramps from 2H 2026. ^[30]
Concrete milestones in the Saudi AI joint venture with HUMAIN and Cisco—such as timelines for the first 100 MW build‑out and any expansion to 1 GW. ^[31]
Next earnings report (currently expected in early February 2026) and whether AMD can sustain its revenue growth and 50%+ gross margins while investing heavily in AI systems. ^[32]
Any follow‑up news on Meta–Google TPU deployments, which could either validate or calm the worst fears currently priced into AI GPU names. ^[33]

Bottom line

As of November 28, 2025, AMD stock is attempting a cautious rebound after a bruising month that saw the shares lose around a fifth of their value. Under the surface, though, the story is more nuanced than a simple “AI bubble bursting” narrative:

The business metrics—especially in data center and AI—remain strong, backed by bullish guidance and long‑term targets.
Large institutional investors are actively buying, even as some high‑profile growth funds such as ARK rotate out.
The main overhangs—custom chips, valuation, and macro risk—are real but sit alongside a still‑intact structural growth thesis.

For anyone following AMD stock, today’s action looks less like an end of the AI story and more like a volatile chapter in how markets price that story.

Important: This article is for informational and news purposes only and does not constitute financial advice or a recommendation to buy or sell any security. Always do your own research or consult a licensed financial adviser before making investment decisions.

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