AMD Shares Rise as Investors Await Third Quarter Results

Advanced Micro Devices (AMD) shares climbed more than 4% in early trading Tuesday, November 3, 2026, as investors anticipated the company's third-quarter financial results. The semiconductor manufacturer was scheduled to release its earnings after the market closed, while recovering chip stocks attracted renewed attention following Intel's disappointing fourth-quarter outlook.

Analysts surveyed by Bloomberg expected AMD to generate $13 billion in third-quarter revenue and earnings per share of $1.97. Those estimates represent substantial growth compared with the same period last year, when the company recorded $9.2 billion in revenue and earnings per share of $1.20, according to the consensus figures.

The data center division is expected to remain AMD's primary growth engine. Bloomberg consensus estimates projected revenue of $8.19 billion from the segment, an 88% increase from the $4.34 billion reported a year earlier.

AMD's Client business, which includes personal computer processors, was forecast to generate more than $3.06 billion in revenue. That would represent an 11% year-over-year increase, although the figure was expected to remain broadly unchanged from the previous quarter.

The gaming division faces a considerably weaker outlook. Wall Street analysts anticipated revenue of $655 million, representing a 49% decline compared with the corresponding period last year.

The division covers products ranging from graphics cards for personal computers to custom-designed chips used in gaming consoles. Both markets are facing higher product prices amid shortages of memory and storage components, creating additional pressure on consumer demand.

Broader conditions in the personal computer market have also raised concerns about semiconductor industry growth. Intel's latest financial guidance highlighted these challenges after the company released its third-quarter results.

Although Intel delivered better-than-expected third-quarter earnings, its fourth-quarter revenue forecast of $15 billion to $16 billion fell short of analyst expectations of $17 billion. The company attributed the weaker outlook to a sharper-than-anticipated contraction in the PC market.

Two major factors are contributing to the pressure. First, demand comparisons have become more difficult following last year's purchasing activity, when Microsoft's end of support for Windows 10 encouraged businesses to upgrade to Windows 11 systems.

Second, rising PC prices are weighing on purchasing decisions, potentially affecting manufacturers and suppliers across the semiconductor supply chain. Although AMD receives most of its revenue from data center products, weaker computer demand could still affect its overall financial performance.

Investors were therefore monitoring AMD's quarterly figures for indications of whether strong data center demand could offset weakness in gaming and the broader PC market.