AMD closing up 13.26% at $508.58 on November 9 while Nvidia fell about 5% tells me investors are sorting chip names one by one.
AMD closing up 13.26% at $508.58 on November 9 while Nvidia fell about 5% tells me investors are sorting chip names one by one. The Oppenheimer call helped, and I'd give AMD's own fundamentals more credit for the move than one upgrade.
- Oppenheimer upgraded $AMD to Outperform from Perform with a $600 target, citing recent results and a fireside chat. The stock was up about 3% premarket and roughly 9.5% to 10% by the morning session.
- The Q3 numbers, reported November 3, back it up: $13.4 billion in revenue, up 45% year over year, Data Center up 97%, and Q4 guidance around $17 billion, plus or minus 3%.
- AMD announced on November 9 that its 5th Gen EPYC processors power host infrastructure for Google Cloud TPU 8tx. It's a host CPU role with no revenue figure attached, but it puts AMD inside a rival accelerator system.
- Context matters. The Dow added 1,000+ points and the S&P 500 rose 2.17% as chips recovered from the prior week's sell-off, with lower oil prices also cited as support. Nvidia fell amid its board's independent investigation tied to reports about Jensen Huang, announced November 8; Nvidia said it had no reason to believe national security or company secrets were compromised.
On November 9 the market split the two, and I read that as confidence in AI chip demand rather than an exit from it. I could be wrong if the rebound fades once the broader rally cools.
Not financial advice. For informational and educational purposes only.