Advanced Micro Devices Inc. (NASDAQ:AMD) stock climbed more than 3% in Tuesday’s premarket session as investors returned to large-cap technology and artificial intelligence stocks ahead of the chipmaker’s quarterly earnings report.
Nasdaq futures rose 0.70%, while S&P 500 futures gained 0.12%, supporting sentiment across the semiconductor sector.
Earnings In Focus
AMD is scheduled to report fiscal second-quarter 2026 results after the market closes on Tuesday.
Wall Street expects the company to report earnings of $1.55 per share, up from 48 cents a year earlier. Revenue is projected to increase to $11.28 billion from $7.68 billion in the prior-year quarter.
The stock carries a consensus Buy rating with an average analyst price forecast of $581.86. Recent analyst actions have remained constructive. Susquehanna raised its price forecast to $500 on July 30, while Mizuho and Wedbush increased their forecasts to $625 and $600, respectively, on July 27.
Technical Setup
Tuesday’s advance appears to reflect improving risk appetite rather than a company-specific catalyst ahead of earnings. The rebound also comes after AMD slipped below its short-term moving averages and approached a key support level near $498.
Despite the recent pullback, AMD remains in a strong long-term uptrend. The stock has gained 174.15% over the past 12 months and continues to trade well above its 100-day simple moving average of $402.92 and 200-day simple moving average of $313.16.
However, AMD remains 1.9% below its 20-day simple moving average of $511.69 and 2.2% below its 50-day simple moving average of $512.95, suggesting the stock is consolidating after a strong rally.
The relative strength index stands at 46.69, indicating neutral momentum. That suggests buyers and sellers remain balanced, making nearby support and resistance levels more important than momentum signals.
Key support sits near $498, while resistance is around $561.50.
Benzinga Edge Rankings
AMD continues to score highly on Benzinga Edge metrics, with Momentum at 98.02, Growth at 97.26 and Quality at 92.16. Its Value score remains weak at 4, reflecting the stock’s premium valuation with a price-to-earnings ratio of 161.5.
ETF Exposure
AMD is among the largest holdings in several semiconductor and AI-focused exchange-traded funds, including the iShares Semiconductor ETF (NASDAQ:SOXX), the ARK Next Generation Internet ETF (NYSE:ARKW) and the Dan Ives Wedbush AI Revolution ETF (NYSE:IVES). As a result, fund flows into or out of these ETFs can influence trading in AMD shares.
AMD Stock Price Activity: Advanced Micro Devices shares were up 3.21% at $500.20 during premarket trading on Tuesday, according to Benzinga Pro data.
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