Intel Drops 5%, NVIDIA Retreats 2% After AMD Earnings Beat and Strong 2027 Outlook as Intel Falls 3%; AMD Stock Goes Nowhere

A record quarter at Advanced Micro Devices (NASDAQ:AMD | AMD Price Prediction) isn’t enough to push AMD shares in either direction today. AMD stock is basically unchanged at $483.34 in morning trading. Meanwhile, shares of rival Intel (NASDAQ:INTC) are down 5% to $57.26.

Shares of AI accelerator leader NVIDIA (NASDAQ:NVDA) are trading at $202.32, down 2%. Custom-chip designer Broadcom (NASDAQ:AVGO) is sliding as well; Broadcom stock is at $328.76, down 1%.

With the broader market higher, most AI chip stocks are lagging the rebound. The notable exception is AMD, which reported its results after the close on November 3.

AMD’s Data Center Sales Nearly Doubled in Q3

AMD reported Q3 2026 revenue of $13.38 billion, topping Bloomberg’s consensus estimate of $13.08 billion. On the bottom line, AMD’s adjusted earnings per share (EPS) of $2.09 came in ahead of Bloomberg’s $1.97 consensus estimate. The engine was AMD’s Data Center segment, where revenue reached $8.5 billion, up 97% year over year.

CEO Lisa Su said, “Demand for our Instinct and EPYC products continued to strengthen, and we expect growth to accelerate further in the fourth quarter as we scale Helios and Venice production.” During the call, Lisa Su added that AMD expects its revenue to grow more than 80% in 2027. Management at AMD guided its Q4 2026 revenue to approximately $17 billion, plus or minus 3%.

Mixed Price Target Moves Keep AMD’s Gain in Check

Analysts are split on AMD’s valuation after the report. BofA cut its price target to $650 from $720 despite raising its estimates, citing contracting sector multiples. Mizuho made the largest cut, lowering its target to $610 from $705 while keeping an Outperform rating.

Stifel moved the opposite way, lifting its AMD target to $725 from $700. JPMorgan raised its target to $575 from $550 but kept a Neutral rating on the chipmaker.

AMD stock is down 22% over the past month, so sentiment was already weak heading into the report. A mix of trimmed targets and a steep run lower helps explain why a strong quarter is producing a measured move.

Intel Slides as PC Weakness Overshadows Data Center Growth

Intel stock is moving lower as its post-earnings slide extends. Shares fell 29% on October 30 after the company guided Q4 revenue to $15 billion to $16 billion, short of the $17.29 billion analysts expected.

Management at Intel projects an estimated 12% decline in industry PC unit sales in 2026 and a 10% decline in 2027 as memory shortages raise PC prices. That weakness is hiding strength elsewhere, as revenue in Intel’s Data Center and AI segment rose 78% year over year to $7.32 billion. UBS pointed to AMD’s execution relative to Intel, a comparison that’s sharpening as the two chipmakers’ results diverge.

How AMD’s Business Model Differs From Intel and NVIDIA

AMD designs its chips and relies on outside manufacturers to build them, selling Instinct graphics processing units (GPUs) alongside EPYC server and Ryzen PC processors. Intel takes a different approach, running its own factories through Intel Foundry while it develops its 14A process, which ties its results to heavy manufacturing costs.

NVIDIA sells a full-stack AI platform built around its GPUs, networking and CUDA software, and it holds the dominant share of AI accelerators. Broadcom builds custom AI chips and networking silicon for hyperscalers while also selling infrastructure software. Between those models sits AMD, which pitches general-purpose GPUs and rack-scale Helios systems on total cost of ownership.

The expansion behind all of those accelerators still requires energy, thermal management, and connectivity, which is why we highlighted seven non-chipmaker suppliers riding the same wave in a free report.

What Comes Next for AMD and Intel

AMD now faces the question of whether its Helios and Venice ramp can keep pace with customer orders, since Su acknowledged that “demand is higher than supply.” Bulls can point to the additional supply AMD says it has secured to support its expected growth. On the other side, rising memory costs and an expected sequential decline of greater than 20% in AMD’s client and gaming revenue in Q4 could pressure results.

Intel’s path depends on whether its Nova Lake lineup can win share once memory conditions normalize. How the Helios supply ramp at AMD settles could also shape sentiment toward both chipmakers.

Contact [email protected] for any questions or corrections.