What's going on with AMD stock Wednesday?

Benzinga · Jul 22, 2026 10:21 · 3 min read

AMD chip on a dark, intricate circuit board. The white AMD logo is illuminated, highlighting the advanced technology and design of the microchip.

Advanced Micro Devices Inc. AMD stock was down more than 2% during Wednesday’s premarket session as chip stocks weakened alongside a softer broader market. Nasdaq futures fell 0.57%, while S&P 500 futures slipped 0.21%. With AMD trading near recent highs, investors may also be taking profits ahead of the company’s upcoming earnings report. The stock has rallied sharply in recent months, leaving traders focused on whether it can hold its recent...

Advanced Micro Devices Inc. AMD stock was down more than 2% during Wednesday’s premarket session as chip stocks weakened alongside a softer broader market. Nasdaq futures fell 0.57%, while S&P 500 futures slipped 0.21%.

With AMD trading near recent highs, investors may also be taking profits ahead of the company’s upcoming earnings report. The stock has rallied sharply in recent months, leaving traders focused on whether it can hold its recent gains ahead of the next major catalyst.

Investors are also digesting NVIDIA Corporation’s NVDA latest push into the AI server CPU market. According to CNBC, NVIDIA on Tuesday disclosed new technical details for its next-generation Vera data center CPU, which is designed to work alongside its AI GPUs and compete directly with AMD’s EPYC processors and Intel Corporation’s INTC Xeon chips in AI servers.

NVIDIA said it began shipping Vera to customers, including OpenAI, Anthropic and SpaceX, in June.

Despite the competitive backdrop, AMD remains well positioned in enterprise AI server CPUs and continues to gain market share, supported by strong relationships with hyperscale cloud providers.

Traders are now looking ahead to AMD’s Aug. 4 earnings report for updates on AI demand and data center momentum.

Technical Analysis

AMD remains in a strong long-term uptrend despite Wednesday’s premarket pullback.

The stock trades about 0.7% above its 20-day simple moving average of $530.97, 6.2% above its 50-day SMA of $503.45 and well above its 200-day SMA of $300.30. Those levels suggest buyers continue to defend pullbacks.

Momentum remains balanced. The relative strength index stands at 54.66, indicating neutral conditions rather than an overbought or oversold market.

The trend also remains constructive. The 20-day SMA sits above the 50-day SMA, while the 50-day SMA remains above the 200-day SMA. This alignment typically signals a bullish long-term trend.

The stock reached its latest swing high in June, when it also posted its 52-week high. Its most recent swing low came in April before the current rally began.

Key resistance: $546.50, just above current levels and near the recent highs.
Key support: $498.00, near the $500 level and close to the 50-day SMA, where buyers have previously stepped in.

Earnings And Analyst Outlook

AMD is scheduled to report second-quarter earnings on Aug. 4.

Analysts expect earnings of $1.55 per share, up from 48 cents a year earlier. Revenue is projected to reach $11.28 billion, compared with $7.68 billion in the prior-year quarter.

The stock trades at a price-to-earnings ratio of 181.5, reflecting a premium valuation based on strong growth expectations.

Wall Street maintains a consensus Buy rating with an average price forecast of $521.47. Recent analyst actions include:

Bank of America Securities: Buy, price forecast raised to $620 on July 14.
KeyBanc: Overweight, price forecast raised to $725 on July 14.
TD Cowen: Buy, price forecast raised to $675 on July 13.

Benzinga Edge Rankings

AMD scores highly across several Benzinga Edge categories.

Momentum stands at 98.83, reflecting strong price performance. Quality scores 95.24, highlighting solid fundamentals. Growth scores 96.82, reinforcing the company’s strong expansion profile.

Value remains the weakest category, with a score of 3 out of 100. That suggests investors continue to pay a significant premium for AMD’s expected growth.

Overall, the stock continues to fit the profile of a high-growth technology leader. However, its premium valuation leaves little room for earnings disappointment.