AMD Advances 5%, Intel Rises 4%, Marvell Gains 2% as Chip Stocks Bounce Ahead of AMD Earnings

Chip stocks are clawing back ground after a punishing selloff, and Advanced Micro Devices (NASDAQ:AMD | AMD Price Prediction) has the group’s next big test in its third-quarter report. AMD stock is at $489.82, up 5% in early action. The chipmaker closed the prior session at $466.84. Over the past month, AMD stock is down 23%.

AMD will release its Q3 2026 results after the close on November 3. NVIDIA (NASDAQ:NVDA) is also trading higher, a sign that the rebound after a steep slide runs across the sector. Market participants are also weighing the Job Openings and Labor Turnover Survey (JOLTS) report and the midterm elections.

Intel’s Weak Outlook Sparked the Chip Rout

Intel (NASDAQ:INTC) set off the slide on October 29, when the company guided its Q4 2026 revenue to a range of $15 billion to $16 billion. Per Yahoo Finance, analysts had projected $17 billion. Chief executive Lip-Bu Tan pointed to a worse-than-expected PC slump at Intel and said the tough environment will continue “until memory availability and prices begin to normalize.”

Shares of Intel fell on October 30 and slid again on November 2, pulling AMD lower on both days. The PC warning hurt AMD because the company sells Ryzen processors into the same desktop and notebook market. Today, INTC stock is up 4% to $62.11.

Intel and Marvell Join AMD’s Rebound

On October 29, when Intel reported its Q3 2026 results, the stock traded at $93.09. Management expects the PC slowdown at Intel to last through at least the first half of 2027, and that business carries more weight in Intel’s results than it does at AMD.

Meanwhile, Marvell Technology (NASDAQ:MRVL) stock is at $174.53, up 2%. Marvell is rallying even after Bank of America downgraded the stock to Neutral and cut its price target to $225 from $400. The firm cited the company’s all-stock agreement to buy Lumentum Holdings (NASDAQ:LITE), a deal announced on November 2.

What AMD Must Deliver After the Close

Per Bloomberg, consensus calls for AMD to post Q3 earnings per share (EPS) of $1.97 on revenue of $13 billion. Yahoo Finance’s consensus puts AMD Data Center sales at $8.19 billion, up 88% year over year. AMD disclosed on August 4 that its Data Center revenue reached $6.72 billion in Q2 2026, or 58% of its total. That mix limits AMD’s PC exposure, though the company isn’t immune if the slump deepens in its Client segment.

Morgan Stanley raised its price target on AMD to $510 from $465 while keeping an Equal weight rating. Traders are split on whether a beat and strong guidance from AMD can steady the sector, or whether caution weighs on the stock even if the company beats.

Three Different Paths Into the AI Chip Boom

AMD designs CPUs, GPUs and rack-scale AI systems, competing with NVIDIA in accelerators and with Intel in processors. Intel takes a different path by designing chips and also manufacturing them, with a foundry business that builds for outside customers. Marvell is a fabless company that relies on manufacturing partners and focuses on custom silicon and connectivity for data centers. This focus ties Marvell closely to hyperscaler spending plans, while AMD and Intel lean more on selling their own branded processors.

Investors looking beyond the big three chip names should remember that the AI expansion runs on power, cooling, and networking too (we featured seven of those suppliers in a free report you can grab here).

Can AMD’s Report Steady Chip Stocks?

AMD’s challenge is whether its Data Center results and outlook give the sector a reason to look past Intel’s PC warning. Investors on the bullish side can cite the consensus revenue figure and the company’s Anthropic partnership.

The bears note that Intel topped earnings estimates and still sank on a weak outlook, a pattern that could repeat at AMD if its guidance falls short. A cautious approach could make sense until the debate over AMD’s outlook resolves.

Contact [email protected] for any questions or corrections.