Advanced Micro Devices () will report Q2 results after the market close on Tuesday, 08/04/2026, with investors looking for another AI-driven quarter after the stock’s 125% year-to-date rally.
Wall Street projects AMD will report EPS of $1.61 (vs. $0.48 a year ago) on revenue of $11.31 billion, a 47.1% year‑over‑year increase.
Key Highlights
- AMD has beaten EPS estimates 88% of the time and topped revenue forecasts 100% of the time in the past two years.
- Analyst sentiment has firmed ahead of the report; over the past three months EPS estimates saw 34 upward and 2 downward revisions, while revenue estimates had 36 upward and zero downward revisions.
- Citi says the company may guide Q3 sales of $12.5 billion and EPS of $1.87 and expect AMD to report Q2 EPS of $1.60 on $11.3 billion in revenue.
- Data-center sales are expected to be about $6.6 billion, driven by strong demand for AMD’s AI-server processors, and the company is tipped to guide Q3 sales of $12.5 billion and EPS of $1.87, Citi said.
- Citi Analysts noted Sanmina told investors that the ramp-up of Helios, AMD’s powerful AI server aimed at competing with Nvidia is “progressing as expected,” and that AMD continues to win additional customers.
- Ahead of Q2 results, Morgan Stanley’s Joseph Moore reiterated a Hold and $410 price target, saying he expects strong results driven by AMD’s server CPU business with “early confidence on MI455 but limited near‑term upside.” Moore noted AMD raised its long‑term server TAM to about $220 billion by 2030 (50% CAGR) at its Advancing AI event nearly double the prior $120 billion estimate—signaling strengthening intra‑quarter customer demand.
- At the July Advancing AI event, CEO Lisa Su said Helios shipments are on track to begin at the end of Q3, and investors will seek further commentary on timing and ramp details during AMD’s earnings call.
- Susquehanna analyst Christopher Rolland said the rise of agentic AI has driven a surge in demand for server chips, and in some cases the CPU-to-GPU ratio is reaching parity.
- Historically AMD trailed Intel on CPUs and Nvidia on GPUs, but its server CPUs are now widely seen as superior to Intel’s, with AMD claiming a roughly 40% share and aiming for 50%.
Analysts Expectation
- Benchmark reiterated a Buy rating and a $685.00 price target on (AMD).
- A Susquehanna analyst maintained a “positive” rating on (AMD) and raised the price target to $500 from $450.
- A Mizuho analyst kept AMD (AMD) at “outperform” and raised the price target to $625 from $615.
AMD Q2 2026 earnings after market (4:15 pm ET) Tuesday August 04, 2026
Expected Move by Option Expiration
Options imply about a ±$52.10 move—relative to Tuesday morning’s $517.50, that implies a range near $569 on the upside or about $465 on the downside.
Technical Analysis Perspective
- AMD staged a strong rally from early May 2026 (Q1 earnings).
- Prices rose to almost 45% from low to high hitting $584 all time high on June 30, 2026.
- Stock rejected $584-$574 obstacle on the second attempt to trigger a sharp decline to $424 in late July.
- Base case: a rise to $540–$549 post earnings with more room to $570
- Alternate case: a rejection of $540-$549 for a decline to $470-$465.
Daily Candlestick Chart
AMD Seasonality Chart:
Since 2007, AMD has closed August higher 50% of the time (average +2.80%) and September lower 32% of the time (average -1.51%); the stock is up nearly 13% so far this month.
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Ali Merchant is a seasoned financial market professional with expertise in Technical Analysis, Treasury & Capital Markets, Trading, Sales, Research, Training, & Fund Management. He is the founder of www.twtlearning.com providing financial education, research and advisory services to fund & hedge fund managers and family offices.
He has been trading FX, FX options, US stocks & options, Indices, Commodities & Oil, and Metals Futures. He has a CMT charter, an AAPTA membership, and a CMT Canada membership. He has worked in various roles and organizations in North America and the GCC, such as ABN Amro bank, Thomson Reuters, Refinitiv, MAK Allen & Day Capital Partners, and Bridge Information Systems.
He is regarded as an excellent mentor and has trained more than 2000+ users in North America, Gulf countries & Asia on financial markets & products, active and passive trading, and technical analysis strategies. He emanated technical analysis daily and weekly reports for BridgeNews Chicago bureau and updated technical analysis reports on Bloomberg and Reuters while working with ABN Amro bank treasury & capital markets. Has moderated and produced technical analysis reports for Thomson Reuters (Refinitiv) users’ chat rooms and trained users on technical analysis techniques and models. Conducted TA & Global Markets outlook workshop with central banks, sovereign funds, global & regional banks & family offices.
