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AMD Falls as Intel PC Warning Dims Meta AI Deal

AMD is trading lower as Intel's PC warning and Tuesday's earnings report offset a recently expanded Meta AI infrastructure partnership.

By Damilola Esebame, CFEI® , Edited by Laura Hohenstein

Updated Nov. 2, 2026

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Advanced Micro Devices (NASDAQ: AMD) shares were near $477.84 in Monday afternoon trading, down $26.96, or 5.34%, from the previous close of $504.80. A swing of that size can quickly shift where you stand financially if AMD makes up a significant portion of your portfolio.

The stock is under pressure ahead of Tuesday's fiscal third-quarter report, as investors weigh Intel's PC warning against AMD's expanded AI work with Meta Platforms (META).

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Price action turned lower

AMD opened at $513.52 and set its intraday high at the same level. Shares later fell to $477.69, putting the afternoon quote just above the day's low. The move reversed an opening gain and kept the stock below Friday's closing price.

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Intel warning hit sentiment

Intel (NASDAQ: INTC) forecast fourth-quarter revenue of $15 billion to $16 billion and non-GAAP earnings of $0.25 per share in its third-quarter release. Non-GAAP earnings exclude some costs that formal accounting rules include. Intel CFO David Zinsner said, "Looking ahead, we see the PC slowdown continuing at least through the first half of next year."

PC exposure matters

AMD competes directly with Intel in x86 PC processors and data center server CPUs. That made Intel's warning a broader demand signal for chip investors. The pressure has been notable because AMD's own results are due during a cautious stretch for semiconductor stocks.

Earnings are next

AMD is scheduled to release fiscal third-quarter 2026 results after the U.S. market close on Tuesday, November 3. Investors are looking for signs that artificial intelligence demand is turning into shipments, revenue, and sustainable margins. Margins are the share of sales a company keeps after key costs.

Meta AI deal stays in focus

AMD recently unveiled a deepened strategic partnership with Meta Platforms. The arrangement calls for AMD to invest $1 billion in Meta's equity offering and deploy Helios rack-scale AI computing systems at Meta data centers. Those systems are designed to run AI workloads across large data center racks.

Meta connection is broader

Initial Helios systems have been installed and are undergoing testing ahead of a broader rollout. Meta has already deployed millions of AMD EPYC processors across multiple generations. The deal sits alongside Meta's plan to raise up to $95 billion for AI infrastructure expansion.

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Analysts focus on data centers

Jefferies analyst Blayne Curtis reiterated a Buy rating on AMD and maintained a $650 price target ahead of the report. Curtis expects AMD to post third-quarter revenue of $13.5 billion and forecast fourth-quarter revenue of $17 billion, above the consensus estimate of $16.3 billion.

Susquehanna analyst Christopher Rolland also reiterated a Buy rating. Rolland expects AMD's data center GPU revenue to reach about $41 billion in 2027 and raised his 2027 server CPU revenue estimate to $33 billion from $30 billion. His total data center revenue forecast is $74 billion, above the $71 billion consensus estimate.

Options imply a wide swing

The options market is pricing an 8.95% move, or about $45.17 per share, in either direction around AMD's earnings report. Options are contracts tied to a stock's future price. That figure points to expected volatility, not a specific direction.

Bottom line

AMD is trading near its session low with earnings due after Tuesday's close. For anyone looking to start investing in the semiconductor space, the timing adds an extra layer of complexity. Market watchers are weighing PC-demand concerns against AMD's AI infrastructure partnership with Meta and analysts' data center revenue forecasts.

This article is for informational purposes only and should not be considered investment advice.

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