AMD falls 10.9% as Intel’s PC warning spreads to chip stocks
Key Facts
AMD shares fell 10.9% on October 30, as a sell-off swept semiconductor stocks following Intel’s results and warnings about a slowdown in the PC market, according to Reuters. Intel shares fell 28.6% in the same session, a sharp reflection of concerns that spread from the company’s outlook to the sector. The decline came ahead of AMD’s quarterly results, with investors focused on its third-quarter revenue outlook. AMD had forecast revenue of about $13 billion for the quarter, according to the company’s own forecast. That outlook puts its expected performance up against demand concerns raised by Intel’s warning.
Intel’s third-quarter results showed revenue of $16.5 billion, up 21% year over year, while diluted earnings per share under accounting standards came to $0.60, down 33% from $0.90 a year earlier. The company said revenue, gross margin and earnings per share exceeded its previous guidance. It also described data center revenue growth as the strongest in 15 years. But these positive indicators did not prevent pressure on the stock, as the market focused on the next quarter’s outlook and the company’s warning about PCs. The contrast between results for the quarter ended and Intel’s outlook for the period ahead highlights the concern that spread to sector stocks.
Intel forecast fourth-quarter 2026 revenue of between $15 billion and $16 billion, and diluted earnings per share of $0.10. That follows third-quarter revenue of $16.5 billion, making the new guidance a key focus for investors assessing the company’s business trajectory. Chief Financial Officer David Zinsner said the slowdown in the PC market would continue “at least through the first half of next year.” His warning indicates that weak PC demand may remain a factor affecting the sector in the coming months. As a result, the weaker outlook spread to chipmakers, including AMD, in the sell-off tracked by Reuters.
AMD enters this test after posting revenue of $11.5 billion in the second quarter of 2026, up 50% year over year. Data center revenue was $6.7 billion, up 107% from the same period. Chief Financial Officer Jean Hu said the company expects data center sales to accelerate in the second half of 2026, supporting overall revenue growth and continued earnings expansion. This trajectory gives data center operations weight in assessing the outlook the company provided for the third quarter. What comes next will depend on AMD’s results and guidance when they are released; the company statement quoted here did not specify a date for those results.