AMD falls 10.9% as investors await results after Intel warns of slowdown in PC market
Key Facts
AMD shares fell 10.9% on October 30, 2026, as chip stocks broadly declined following Intel’s results and warning that the slowdown in the PC market would continue. Reuters said the Nasdaq fell 2.9% in the session, while the chip stock index dropped 7.2%, heading for a monthly loss of more than 15%. Intel shares fell 28.6%, their worst one-day decline since 1974, according to The Associated Press. The sector came under pressure ahead of AMD’s third-quarter results. The company said it would release its results on Tuesday, November 3, 2026, after the market close. AMD had forecast revenue of about $13 billion for the quarter, putting its results and guidance in focus for investors after Intel’s warning.
Intel’s third-quarter 2026 results showed revenue of $16.5 billion, up 21% year over year. Diluted earnings per share, however, fell to $0.60 from $0.90 in the same period a year earlier, a decline of 33%. Still, Intel said revenue, gross margin and earnings per share exceeded its previous guidance, and described data center revenue growth as the strongest in 15 years. Those positive results did not prevent the stock from falling, as investors focused on the next quarter’s outlook and signs of PC demand. The company forecast revenue of between $15 billion and $16 billion and diluted earnings per share of $0.10 in the fourth quarter of 2026. That guidance puts next-quarter revenue below the third-quarter level and reflects a weaker near-term outlook.
The divergence between Intel’s businesses was clear in the results by operating group. The Client Computing and Personal AI group posted revenue of $8.1 billion, down 5% year over year, while the Data Center and AI group generated $7.3 billion, up 78%. The company attributed the decline in client revenue to a 14% drop in laptop and desktop unit sales amid weak demand and competition. A 9% increase in average selling prices offset part of the decline. In server operations, unit sales rose 10% as demand from large data center operators increased, while average server selling prices climbed 54%. The figures show data center growth coinciding with pressure in the PC market, a divergence that weighed on chip stocks.
Intel’s chief financial officer said the slowdown in the PC market could continue “at least through the first half of next year.” The warning followed a decline in client device unit sales in the third quarter, despite higher average selling prices. Server growth and rising prices painted a different picture from personal computing, but did not ease investor concerns that demand in that market would remain weak. In the October 30 session, pressure spread to the broader market: Reuters reported that Intel’s and Amazon’s results raised concerns about AI companies’ spending, alongside declines in the Nasdaq and chip index. For AMD, this backdrop puts its third-quarter revenue forecast of about $13 billion to the market’s test on November 3. The company is scheduled to report results after trading closes that day, providing an update on its performance and outlook.