Market Jitters Ahead of AMD’s Earnings Report

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Investor sentiment toward Advanced Micro Devices (AMD) appears fragile, with unconfirmed rumors alone proving sufficient to trigger notable share price volatility. As the company approaches a critical quarterly earnings release, speculation regarding potential delays for its next-generation AI chips has introduced uncertainty into the market. The central question for investors is whether these concerns are justified or overblown.

The recent pressure on AMD's stock originated from industry chatter suggesting a possible timeline slip for its upcoming MI450 AI accelerators. A report from the research firm SemiAnalysis indicated there could be production delays—a sensitive subject in the fiercely competitive data center processor market, where even minor schedule changes are often interpreted as significant execution risks.

The market's response was swift. Shares came under selling pressure last Friday, closing the session notably lower. The stock ended Friday at $247.50, down from its Thursday closing price of $242.70.

Analyst Pushback Provides a Counter-Narrative

However, not all market observers share this pessimistic view. Wells Fargo analyst Aaron Rakers explicitly challenged the delay rumors in a client note published on Friday. His assessment contends that development for the MI450, based on TSMC's N2 (2-nanometer) process node, remains on schedule. As a key piece of supporting evidence, Rakers pointed to the completed "tape-out" for the associated Venice-EPYC server processors—a major technical milestone in chip design.

In light of this analysis, Wells Fargo reaffirmed its "Overweight" rating on AMD shares and maintained its price target of $345.

All Eyes on the February 3rd Earnings Call

The timing of these rumors is particularly charged. AMD is scheduled to report its Q4 2025 financial results on Tuesday, February 3, 2026. Market expectations for the report are elevated:

• Consensus Revenue Estimate: Approximately $9.67 billion (representing year-over-year growth of roughly 26%)
• Consensus Earnings Per Share (EPS): $1.32
• Implied Volatility: Options market pricing suggests an expected share price move of nearly ±9% following the earnings release.

This upcoming earnings conference call is now poised to serve as the definitive platform for management to clarify the development timeline for the MI450 accelerators. The commentary will likely either dispel or validate the conflicting reports currently circulating.

Ultimately, while rumors have stirred near-term nervousness, the clarity provided—or lacking—on February 3rd will determine whether this anxiety quickly subsides or evolves into a more sustained concern for AMD investors.

@ boerse-global.de | US0079031078 MARKET