AMD stock traded at $469.19 in Monday’s premarket, up 4.49%, after closing Friday at $449.04 for an 11.04% gain. The two sessions together recover the 17.26% fall that took the shares to $404.40 on 5 November, two days after a quarter that beat on every headline line.
Oppenheimer upgraded the stock to Outperform on Monday morning with a $600 price target, and Lisa Su spent the back half of last week arguing that the selling had little to do with what her company reported. AMD stock is now back above where it stood before the rout, which leaves the argument about AI spending unresolved rather than settled.
The Quarter That Triggered the Selling Was a Record
AMD reported third-quarter revenue of $13.4 billion on 3 November, up 45% on the year, with non-GAAP earnings of $2.09 a share, up 74%. Data Center revenue reached a record $8.5 billion, up 97%. Guidance for the fourth quarter came in at about $17 billion, plus or minus 3%.
Underneath those numbers the business is splitting in two, and the gap widened again this quarter. Client and Gaming fell 8% to $3.7 billion, held down by a 40% drop in Gaming to $773 million, while Client itself rose 7% to $2.9 billion. Gross margin ran at 56% on a non-GAAP basis and operating income reached $3.9 billion.
Data Center now earns more than twice what Client and Gaming earn together, so AMD stock is priced on one line of a business that still reports three. Source: AMD third-quarter results, 3 November 2026 · Chart: FinanceFeeds“We are confident in our ability to sustain very strong revenue growth and expanding profitability over the coming years,” Lisa Su said in the release. AMD stock stood at $508 when the print landed on FinanceFeeds.
Investor Takeaway
The 17.26% fall in AMD stock came two days after a 45% revenue quarter and a $17 billion guide, so the sell-off repriced AI capital spending broadly rather than anything the company disclosed.
Lisa Su Called the Market Short-Sighted on the Day of the Drop
“The market can be short-sighted, but it is what it is,” Su said in an interview on 5 November, the session AMD stock lost a sixth of its value. The clip ran on Yahoo Finance that afternoon, hours after the close.
Her argument rested on the horizon rather than on anything in the September quarter itself. She put the useful window at three to five years or more, said she does not expect AI chip demand to slow, and told analysts that demand is higher than supply. AMD guides to revenue growth above 80% in 2027, with data center AI revenue more than doubling, which is the number holding AMD stock up.
That 2027 figure is the one carrying the valuation rather than anything already earned. AMD stock trades at 101.47 times trailing earnings against $4.67 of basic earnings per share, so the multiple is attached to 2027 rather than to anything already banked.
Oppenheimer Moved on Monday, Citi Moved a Month Ago
Rick Schafer at Oppenheimer raised AMD to Outperform from Perform on Monday with a $600 target, calling the company’s server and data center record undeniable. He models 135% data center revenue growth in 2027 and roughly 3 gigawatts of deployments that year, rising to 4 gigawatts in 2028, with data center reaching about 85% of total sales. On those numbers AMD stock is being underwritten by a single segment three years out.
Citi’s $800 target and its description of AMD as a favorite growth compute pick are worth dating carefully. Atif Malik set that target in early October, a month before the quarter and five weeks before the rout, so it reads as a pre-existing view rather than a response to either. UBS has kept a Buy and JPMorgan a Neutral.
Buyers have returned AMD stock to levels above the pre-rout close in two sessions, which is a faster round trip than the sector managed after the comparable July sell-off. Source: TradingViewAMD Stock Now Rests on a 2027 Supply Case
The fourth-quarter guide of about $17 billion implies roughly 27% sequential growth, and Su has tied the 2027 case to supply rather than demand. Any slip in the capacity AMD can secure is therefore the thing that breaks the thesis, and it would show up as a guide rather than as a miss.
A beta of 2.60 means AMD stock moves well over twice as hard as the index in both directions, which is why a sector-wide repricing produced a 17% single-session fall in a company that had just beaten. The stock is still up 105.13% this year and 77.16% over twelve months, against a 29.26% drawdown over the past month.
The wider tape has done much the same thing to every large chipmaker this month. FinanceFeeds tracked the AI spending concerns that first hit the chipmakers on 30 October, the midterm chip sell-off that followed, and Nvidia’s rebound alongside AMD on 2 November, before the Nasdaq correction late last week.
Investor Takeaway
Oppenheimer’s $600 target is the first analyst move made with the rout and the quarter both visible, so it carries more information for AMD stock than the $800 Citi set in early October.