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Why are chip stocks rising today? AMD Financial report expectations and bottom-fishing buying drive a rebound
Coinpedia
1h ago
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After a sharp decline on the previous trading day, chip manufacturers rebounded before the opening on Tuesday. AMD rose 2.92% before the market opened, Intel rose 2.85%, and NVIDIA rose 1.58%. AMD will announce its third-quarter results after the close on Tuesday. The market expects its revenue to be around $13.1 billion, a year-on-year increase of 42%, and an adjusted earnings per share of $1.95. Investors will closely monitor its data center sales performance as well as the guidance for the next quarter's results.
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Why are chip stocks rising today? AMD Earnings expectations and bottom-fishing buying drive a rebound

After a significant decline on the previous trading day, chip manufacturers saw a rebound before the opening on Tuesday. AMD rose 2.92% before the market opened, Intel rose 2.85%, and NVIDIA rose 1.58%.

AMD will announce its third-quarter results after the close on Tuesday. The market expects its revenue to be around $13.1 billion, a year-on-year increase of 42%, and an adjusted earnings per share of $1.95. Investors will be closely watching the performance of its data center sales as well as the guidance for the next quarter's results.

Morgan Stanley analyst Joseph Moore raised the target price for AMD to $510, but maintained a "hold" rating; BMO analyst Harsh Kumar reiterated a "buy" rating with a target price of $550.

NVIDIA shares rose. Previously, the Financial Times reported that the company had requested its cloud partners to sell at least 51% of their future production capacity to non-Chinese customers.

According to other reports, Samsung will also start producing HBM base chips for AMD and NVIDIA from a new factory in Texas starting from 2030.

Intel's rebound came after it experienced two consecutive sharp declines due to weak fourth-quarter performance forecasts.

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