Updated 3 November 2026, before the US open. AMD closed Monday at $466.84, down 7.52 percent and at almost the low of the day, $466.07, after opening at $510.71 (StockAnalysis); it traded at about $472 after hours. Chip stocks lost more than $400 billion of market value in Monday’s session, and AMD has lost about $298 billion since 6 October (Yahoo Finance). Third-quarter results come tonight after the close, with the call at 5 pm ET. Verdict: the stock goes into the print already marked down hard, so the bar for a relief move is lower than it was a week ago, but the client guide still has to show the PC slowdown is Intel’s problem more than AMD’s. Reference levels: $425 below, $510 above.
Key facts
- Monday close: $466.84, down 7.52 percent, on 32.2 million shares; range $466.07-$512.82 (StockAnalysis). Friday’s close was $504.80, after a 10.88 percent drop on Intel’s PC warning.
- From the top: AMD had set a record above $658 in October (FX Leaders); Monday’s close is about 29 percent below it.
- Results: Tuesday 3 November after the close, call at 5 pm ET (AMD).
- AMD’s own guide: third-quarter revenue of about $13.0 billion, plus or minus $300 million, with a non-GAAP gross margin of about 56 percent (AMD, 4 August).
- Consensus: adjusted EPS of $1.95, up from $1.20 a year ago, on revenue of $13.10 billion, up 41.6 percent (TipRanks). Bloomberg’s consensus, cited by Yahoo Finance, is $1.97 on $13 billion.
- Segments: Data Center is expected at $8.19 billion, up 88 percent; Client above $3.06 billion, up 11 percent; Gaming at $655 million, down 49 percent (Yahoo Finance).
- Implied move: options priced roughly an 8-11 percent move as of 2 November: 8.95 percent per TipRanks, 8.3 percent per EarningsWatcher, 8.36 percent for the weekly expiry per OptionsLam, and 10.85 percent per Benzinga Pro.
What changed since Monday morning
Our Monday AMD page was written with the stock at $511.16 in the pre-market, apparently recovering from Friday. It put the bear case at $465, the bottom of the options-implied range for tonight’s report. The stock reached that level a day early. It opened at $510.71 and fell all session to close at $466.84, without any AMD news, as the chip group sold off for a second session.
The selling was broad. About 7 in 10 S&P 500 stocks rose on Monday, but nearly every chip stock fell. Intel slid about 9 percent, memory names Micron, Sandisk, Seagate and Western Digital fell 6-8 percent, and Nvidia held up better than most. Since 6 October chip and memory stocks have lost about $3.7 trillion in value (Yahoo Finance). Our Tuesday Intel page covers the stock that started it.
What tonight’s report must show
1. A client guide that holds up better than Intel’s. Intel guided fourth-quarter revenue to $15-$16 billion against about $17 billion expected and blamed a steeper-than-expected fall in the PC market (Yahoo Finance). AMD sells competing PC processors. A fourth-quarter client outlook that holds up would say Intel is losing share; a matching cut would say the whole market is shrinking.
2. Data Center growth near the 88 percent consensus. Morgan Stanley’s Joseph Moore, rated Hold, raised his target to $510 from $465 and expects server CPU strength to offset PC weakness, though he warned supply limits could cap near-term growth and stayed cautious on GPUs against Nvidia and custom AI chips (TipRanks).
3. A margin guide the market can accept. BMO Capital’s Harsh Kumar, rated Buy with a $550 target, expects near-term gross margin pressure as AMD scales its AI infrastructure business, followed by margin expansion over 12-18 months (TipRanks). A fourth-quarter margin guide below the third quarter’s roughly 56 percent would be the cost of that ramp.
Does a midterm year help chips?
Jeff Hirsch, editor of the Stock Trader’s Almanac, said he bought the 30 October selloff. Chip stocks have risen in all eight midterm cycles since 1994, measured from the last October close to the following June, though in 2002 and 2018 they first fell about another 11 percent (Yahoo Finance). Portfolio manager Adam Johnson said “the market kitchen-sinked it”. Neither view changes what the client guide has to show tonight, but both suggest the selling is already far along.
AMD into results: bull, base and bear
| Scenario | AMD | What has to happen | Anchor |
|---|---|---|---|
| Bear | $425 | The client guide confirms Intel’s PC slowdown, Data Center growth falls short of 88 percent and the margin guide drops below 56 percent. | About 9 percent below Monday’s $466.84 close, the bottom of the options-implied range. |
| Base | $450-$495 | An in-line quarter near $13.1 billion with a softer client outlook than usual but better than Intel’s. | Inside the implied range, below Friday’s $504.80 close. |
| Bull | $510 | A Data Center beat, a client guide that points to share gains and a margin guide close to 56 percent. | Morgan Stanley’s $510 target and Monday’s $510.71 open; about 9 percent above Monday’s close. |
The bear case sits below the current price. The TipRanks average target of $665.86, from 30 Buy and six Hold ratings, is a 12-month view and sits above all three. These are reference levels measured from the verified close, not forecasts.
What to watch
- The pre-market against $466: Monday closed near its low, so the first test is whether the stock opens above it.
- The fourth-quarter revenue guide and the client line within it.
- Data Center revenue against $8.19 billion.
- The gross margin guide against about 56 percent.
- Nvidia: the AI leader held up on Monday and reports on 17 November; see the desk’s Nvidia report.
Quick take: AMD closed Monday at $466.84, down 7.5 percent and near the low, after a $400 billion chip selloff. It reports tonight after the close, with consensus at $1.95 EPS on $13.10 billion and options pricing about 8-11 percent either way. The client guide decides whether Intel’s warning spreads to AMD. Expect $450-$495 on an in-line quarter; $425 needs a weak client guide, $510 needs a Data Center beat and a steady margin.
FAQ
What was AMD’s closing price on Monday 2 November?
$466.84, down 7.52 percent, near the day’s low of $466.07 (StockAnalysis). It traded at about $472 after hours.
When does AMD report third-quarter results?
Tuesday 3 November 2026 after the market close, with a conference call at 5 pm ET.
What do analysts expect from AMD’s results?
EPS of $1.95 on revenue of $13.10 billion (TipRanks); Bloomberg’s consensus is $1.97 on $13 billion. AMD guided to about $13.0 billion, plus or minus $300 million.
How much are options pricing for AMD’s earnings move?
Roughly 8-11 percent either way as of 2 November: 8.95 percent per TipRanks, 8.3 percent per EarningsWatcher and 10.85 percent per Benzinga Pro.
Why did AMD stock fall on Monday?
There was no AMD-specific news. Nearly every chip stock fell as the group lost more than $400 billion in value, extending the selloff that followed Intel’s weak forecast (Yahoo Finance).
What are analysts’ price targets for AMD?
The TipRanks average is $665.86 from 30 Buy and six Hold ratings. Morgan Stanley’s Joseph Moore has a Hold and a $510 target; BMO’s Harsh Kumar has a Buy and $550 (TipRanks).
Sources: StockAnalysis (Monday open, range, close, volume, after-hours price, Friday close); Yahoo Finance, 2 November (chip selloff size, AMD value lost, Intel guide, segment estimates, Bloomberg consensus, Hirsch and Johnson comments); AMD (results date, third-quarter guide); TipRanks, 2 November (consensus, implied move, Morgan Stanley and BMO views, average target); EarningsWatcher, OptionsLam and Benzinga Pro (implied move cross-check); FX Leaders (record high).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Stock prices are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.
