Nvidia, AMD and Intel stocks rose in Wednesday’s US premarket trading after stronger-than-expected updates from Super Micro Computer and SpaceX offered investors evidence that spending on artificial intelligence infrastructure remains robust.
In an early snapshot, Nvidia gained more than 1.5%, while AMD and Intel also rose.
Later indications put Intel’s rise above 3%, underscoring how quickly prices were moving after last week’s semiconductor rout.
Supermicro and SpaceX revive the AI trade
Super Micro Computer raised its preliminary fiscal first-quarter revenue guidance to $18.5 billion–$19.5 billion from $14.5 billion–$15.5 billion. The $19 billion midpoint represents a $4 billion, or 26.7%, upgrade.
Expected gross margins also increased to 12%–12.5%, compared with the earlier 10.4%–10.8% range. The server manufacturer credited stronger demand for AI platforms, although the figures remain unaudited.
SpaceX added to the optimism by reporting third-quarter revenue of about $14.6 billion, ahead of Wall Street’s roughly $12.9 billion estimate. Its AI business contributed more than half of sales, signalling another source of computing demand.
Dan Niles, founder of Niles Investment Management, said the two announcements could start another AI-stock advance. Even if the sector has already peaked, “the odds based on history are high for at least a short-term rally,” he said.
The news strengthened the case for near-term equipment orders, without proving that spending will remain profitable.
AMD stock has a demand story of its own
AMD’s rally also reflects expectations that companies will continue buying server processors to run increasingly complex AI applications.
Management has projected server revenue growth of more than 80% year on year during the second half of 2026.
Wedbush analyst Matt Bryson expects third-quarter revenue of approximately $13 billion and sees server CPUs as the likeliest source of upside.
In commentary published by Seeking Alpha on Tuesday, Bryson argued that demand for computing associated with agentic AI continues to outstrip supply. He maintained an Outperform rating and $600 target, while identifying the Helios accelerator rollout as another catalyst.
Nvidia remains more directly exposed to spending on AI accelerators, while Intel’s fortunes also depend on its manufacturing turnaround and ability to regain ground in server processors.
Meta earnings will test the spending cycle
The largest uncertainty is not whether customers want additional computing power, but whether they can pay for it while delivering returns to shareholders.
Microsoft, Alphabet, Amazon and Meta are expected to spend more than $700 billion in combined capital expenditure this year, with AI infrastructure accounting for a substantial portion of their investment.
For chip suppliers, delayed construction could mean fewer processor deliveries even when cloud demand remains healthy.
UBS Global Wealth Management strategists said, according to Reuters on Wednesday, that investors would focus on whether strong core businesses can continue supporting elevated AI investment.
Meta reports results after Wednesday’s closing bell. Its capital-spending outlook and evidence of AI monetisation could either reinforce the rally or revive fears that investment is outrunning cash generation.
Intel reports on 29 October and AMD on 3 November, providing further tests of demand and profitability.
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