Updated 4 November 2026, before the US pre-market. AMD ended Tuesday’s extended session at $508.20, up 5.0 percent from the regular close of $483.90, after third-quarter revenue of $13.38 billion and a fourth-quarter guide of about $17 billion both beat estimates (Yahoo Finance, CNBC). The stock had been up as much as 9.6 percent at $530.38 shortly after the release, then gave back half of it as Nasdaq futures fell on Democratic midterm gains. Verdict: the report did what it had to do, with data center revenue nearly doubling and a guide about $800 million above consensus, but the gains now depend on how the tech market takes the election. Reference levels: $466 below, $560 above.
Key facts
- Price: $508.20 at the end of after-hours trading on Tuesday 3 November, up 5.0 percent; after-hours high $530.38 at 4:40 pm ET (Yahoo Finance). Regular close $483.90, up 3.65 percent, range $473.54-$497.40 (StockAnalysis).
- Revenue: $13.38 billion, up 45 percent from $9.25 billion a year earlier, against $13.09 billion expected (CNBC, LSEG consensus).
- Earnings: adjusted EPS of $2.09 against $1.95 expected (CNBC, LSEG).
- Data center: a record $8.55 billion, nearly double a year earlier, and 64 percent of total revenue, up from 47 percent (CNBC, BigGo Finance).
- Client and gaming: combined revenue fell 8 percent to $3.7 billion; gaming alone fell 40 percent (CNBC).
- Guidance: fourth-quarter revenue of about $17 billion, plus or minus 3 percent, against $16.2 billion expected; gross margin guided at 55 percent, just under the 55.3 percent average estimate (CNBC, LSEG, StreetAccount).
- Analysts: Goldman Sachs’ James Schneider reiterated a Buy and a $700 target after the report (TipRanks). The TipRanks average target is $663.93, from 30 Buy and 6 Hold ratings.
What changed since Tuesday morning
Our Tuesday AMD page was written with the stock at $466.84 after a 7.5 percent drop on Monday. It said the bar for a relief move was lower than a week ago, but the client guide had to show that the PC slowdown was more Intel’s problem than AMD’s. The stock rose 3.65 percent in the regular session before the report, and the upper reference level of $510 was reached in after-hours trading within minutes of the release.
The answer on PCs was mixed. Client and gaming revenue fell 8 percent, and AMD’s gaming business dropped 40 percent, which reports tied to memory shortages. But data center more than made up for it. Goldman’s Schneider said investor expectations had dropped after Intel’s weak outlook the week before, and that the data center strength and gross margin outperformance should lift the stock (TipRanks). Intel itself barely moved: it closed Tuesday at $60.55 and ended after-hours trading at $60.01 (Yahoo Finance); see our Tuesday Intel page.
The data center story
Data center revenue of $8.55 billion is the number that matters. CEO Lisa Su said demand for agentic AI is “just starting” and expects server revenue to double in 2027, with data center AI growth accelerating faster than AMD projected 90 days ago (CNBC). She has said AMD plans to substantially increase supply in 2027. OpenAI is among the companies starting to use AMD’s Helios rack-scale systems (CNBC).
The fourth-quarter guide of $17 billion would be a jump of about 27 percent from the third quarter’s $13.38 billion. The one soft line was the 55 percent gross margin guide, 0.3 points below the estimate. For a company shifting its mix toward large AI system deals, that is the line to watch in the coming quarters. Super Micro, which builds AI servers, reported the same night and showed the same pattern of very fast growth on thin margins; see our Super Micro results page.
Why half the pop faded
The fade was not about AMD. The after-hours high of $530.38 came at 4:40 pm ET, before most midterm results were in. As Democrats took the House and moved toward the Senate, Nasdaq-100 futures fell as much as about 2 percent, trading as low as 27,738 overnight, before recovering to 28,203 by 06:36 GMT (Yahoo Finance). Election-night commentary tied the tech selling to the prospect of tighter oversight from a Democratic Congress. AMD drifted down with the futures and closed the extended session at $508.20.
The stock is still well below its record above $658 set in October (FX Leaders); $508.20 is about 23 percent under it. It is up about 125 percent this year (CNBC).
AMD this week: bull, base and bear
| Scenario | AMD | What has to happen | Anchor |
|---|---|---|---|
| Bear | $466 | The election selloff in tech deepens at the open and the earnings gain is wiped out along with Tuesday’s pre-report rise. | Monday’s close of $466.84; about 8.3 percent below $508.20. |
| Base | $495-$530 | The beat holds but the tech market stays nervous; AMD trades between Tuesday’s high and the after-hours peak. | Tuesday’s regular-session high of $497.40 and the after-hours high of $530.38. |
| Bull | $560 | Tech futures recover, analysts lift targets on the $17 billion guide, and the stock retakes its level from before Intel’s PC warning. | The 27 October close of $560.26 (StockAnalysis); about 10.2 percent above $508.20. |
The bear case sits below the latest price. These are reference levels measured from the verified after-hours price, not forecasts. US pre-market trading had not opened at the time of writing.
What to watch
- The pre-market from 4 am ET: whether AMD holds above $500 as the Senate result settles.
- Price target changes: before the report, Morgan Stanley’s Joseph Moore had an Equal-Weight and a $510 target, Susquehanna $650 and Citi $800 (TipRanks).
- Gross margin: the 55 percent guide against the 55.3 percent estimate.
- Nvidia’s results on 17 November, the next read on AI chip demand.
Quick take: AMD beat on revenue ($13.38 billion against $13.09 billion) and EPS ($2.09 against $1.95), and guided the fourth quarter to about $17 billion against $16.2 billion expected. Data center revenue nearly doubled to $8.55 billion. The stock ended after-hours trading at $508.20, up 5 percent, after peaking at $530.38 before the midterm results hit tech futures. Expect $495-$530 if the market settles; $466 needs the election selloff to deepen, $560 needs tech to recover.
FAQ
What is AMD stock trading at after earnings?
AMD ended Tuesday’s after-hours session at $508.20, up 5.0 percent from the $483.90 close, after reaching $530.38 (Yahoo Finance).
Did AMD beat earnings?
Yes. Revenue was $13.38 billion against $13.09 billion expected and adjusted EPS was $2.09 against $1.95 (CNBC, LSEG).
What is AMD’s fourth-quarter guidance?
About $17 billion in revenue, plus or minus 3 percent, against $16.2 billion expected, with a 55 percent gross margin (CNBC).
Why did AMD give back some of its after-hours gain?
Nasdaq-100 futures fell as much as about 2 percent overnight as Democrats won the House and moved toward the Senate, pulling tech stocks down with them (Yahoo Finance).
What is AMD’s data center revenue?
A record $8.55 billion in the third quarter, nearly double a year earlier and 64 percent of total revenue (CNBC).
What do analysts expect for AMD stock?
Goldman Sachs reiterated a Buy and a $700 target after the report. The TipRanks average target is $663.93, from 30 Buy and 6 Hold ratings.
Sources: AMD third-quarter results, 3 November, via CNBC (revenue, EPS, segments, guidance, LSEG and StreetAccount estimates, Lisa Su comments); BigGo Finance (data center revenue); Yahoo Finance, 3-4 November (after-hours prices, Intel after-hours, Nasdaq-100 futures); StockAnalysis (daily closes and ranges); TipRanks, 3-4 November (Goldman Sachs note, consensus, pre-report targets); FX Leaders (record high).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Stocks are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.
