AMD, Arista, Supermicro Earnings Previews: Can AI Infrastructure Shake Off Friday’s Rout?
AMD, Arista, and Supermicro all report Tuesday after a brutal month that erased billions in market value, and what their executives say about AI demand and memory costs could either revive the trade or confirm the selloff was a signal.
Earnings reports from Advanced Micro Devices (NASDAQ:AMD | AMD Price Prediction), Arista Networks (NYSE:ANET) and Super Micro Computer (NASDAQ:SMCI) all report after the close on Tuesday, November 3. Friday’s AI selloff affected all three stocks, and these reports will show whether the infrastructure buildout still supports this year’s gains.
A Strong Year Meets a Brutal Month
On Friday, AMD fell 10.9% to $504.80, Arista lost 8.3% to $168.86, and Supermicro slipped 4.3% to $32.95. Over the past month, the three are down 20.4%, 18.6%, and 24.6%, respectively. AMD is still up 125.9% year to date, and Arista is up 26.4%. Super Micro is up 6.4% this year but down 35.1% over 12 months.
Jim Cramer warned on October 30: “But for my money, next week might be even worse. Some crazy volatility, a lot of emotion.”
Last quarter raised expectations for all three. AMD’s revenue rose 50.1% year over year to $11.5 billion. Arista Chief Executive Jayshree Ullal celebrated the company’s “first $3 billion quarter” on August 4. Supermicro’s EPS exceeded estimates by 77.6%.
Wall Street’s Numbers for Tuesday Night
| Company | Quarter EPS Est. | Implied YoY | Quarter Revenue Est. | Implied YoY | Full-Year EPS Est. | Full-Year Revenue Est. |
|---|---|---|---|---|---|---|
| AMD (Q3 2026) | $1.9366 | 61.4% | $13.08B | 41.5% | $7.6072 | $51.00B |
| Arista (Q3 2026) | $1.0788 | 43.8% | $3.33B | 44.4% | $4.1168 | $12.68B |
| Super Micro (FQ1 2027) | $1.0371 | 196.3% | $14.94B | 197.8% | $4.3377 | $67.13B |
Supermicro’s revenue consensus trails its own preliminary range.
Memory Costs and AI Demand Will Decide the Rebound
AMD guided to about $13 billion in revenue, with Helios shipments starting in the third quarter. Cramer’s October 30 take: “AMD is PC exposure, and it’s taking share from Intel consistently, but it has data center galore, including GPUs, direct rivals to Nvidia. And I think that it will do much better than Intel, though it still might go down on PC demand destruction because of the high price of memory.”
Memory also follows Arista. On Mad Money on August 5, Ullal said, “Memory is the new gold,” and that Arista’s purchase commitments for components had tripled in the last year. She argued that without a good network “your processors are extremely inefficient,” adding, “these are very expensive assets to leave idling.” Arista guided to about $3.3 billion in revenue.
Supermicro reported on October 20 that preliminary fiscal first-quarter revenue reached $18.5 billion to $19.5 billion, surpassing its guidance range of $14.5 billion to $15.5 billion, driven by AI platform demand. Supermicro put gross margin at 12.0% to 12.5%, versus guidance of 10.4% to 10.8%, on customer and product mix. Those unaudited estimates may be revised, so the outlook carries the weight.
Cramer remains skeptical. On September 8, he said, “SMCI to me has some irregularities that are related to accounting. I cannot recommend it. I see the momentum, absolutely. But you know what I’ve been saying, buy Dell.” On September 28, he added, “Super Micro is an inexpensive company. It looks like it, but I’d rather tell you, I think there are major structural problems internally.”
One Evening Could Reset the AI Trade
All three companies face the same pressure points: AI demand, memory and component costs, and a sharp one-month pullback. AMD needs data center growth that outweighs PC weakness. Arista needs supply and margins that keep pace with orders. Supermicro needs an outlook that backs up its preliminary numbers. Together, these reports will show whether Friday’s selloff was a pause or a warning. (The power, cooling, and networking names riding the same expansion are the subject of our free AI infrastructure report.)
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Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.
Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community.
Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.
Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, moderating workshop sessions at regional conventions.
