Stock Market Today, Nov. 6: AMD Surges 11% on Record Quarterly Revenue and Stronger Growth Outlook
Advanced Micro Devices (NASDAQ:AMD), a data-center CPUs, GPUs, and adaptive semiconductors provider, closed at $449.04, up 11.04%. Pre-market buying followed Thursday's drop after AMD topped revenue and earnings estimates, and investors are now watching data-center demand. Trading volume reached 45.2M shares, coming in about 101% above its three-month average of 22.4M shares.
How the markets moved today
The S&P 500 (SNPINDEX: ^GSPC) closed at 7,379, up 0.34%, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) finished at 24,579, up 1.09%. Among semiconductors spanning data-center CPUs, GPUs, adaptive computing, and embedded chips, Nvidia closed at $186.64, up 2.78%, and Intel closed at $56.28, up 7.71%, as chip buyers returned and AI demand stayed in focus.
What this means for investors
AMD seems to be benefiting from a delayed reaction to its third-quarter 2026 earnings report, which came out on Nov. 4. Investors sold off the chip stock in Thursday trading amid concerns that the midterm election results would empower politicians to regulate the industry more tightly.
Today’s recovery suggests that traders may have overreacted on Thursday. Moreover, AMD delivered an objectively strong Q3 earnings report on Wednesday, reporting record revenues. The $13.4 billion in revenue was a 45% year-over-year increase, with data center revenue rising by 97% over the same period.
Additionally, analysts predict 50% revenue growth for the year, followed by an additional 79% in 2027. This suggests the AI boom is not going to end anytime soon.
Instead, where investors may have to worry is valuation. The 98 P/E ratio is well above that of its peers and may leave investors wondering whether that makes AMD stock a buy at that premium.
Indeed, buying the stock at current levels is arguably risky, as the valuation leaves investors vulnerable should unforeseen negative events occur. Nonetheless, AMD’s technology places it on the cutting edge of AI, implying its long-term growth story is far from over.
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Will Healy has positions in Advanced Micro Devices and Intel. The Motley Fool has positions in and recommends Advanced Micro Devices, Intel, and Nvidia. The Motley Fool has a disclosure policy.
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