Why did AMD stock fall after beating earnings?

Despite a Q4 beat and an above-Street Q1 guide, investors focused on rich valuation and uneven near-term demand outside AI. Profit taking followed a 1-year gain of 111.88%. Traders also want clearer visibility on accelerator supply, software readiness, and customer ramp timing before assigning higher multiples.

What is CLSA’s view on AMD and OpenAI GPU demand?

CLSA expects an MI-series GPU ramp in 2H26, with OpenAI as a major customer, supporting data center growth and share gains by 2027. The call implies improving supply, stronger accelerator mix, and better margins, assuming execution and software maturity progress as planned over the next several quarters.

Is AMD’s valuation justified today?

AMD trades at a P/E of 126.1 on EPS of US$1.92, reflecting high AI expectations. Justification depends on sustained data center growth, timely MI-series ramps, and broader customer adoption. If the accelerator mix scales, margin and earnings power improve. If demand slows, multiples can compress quickly.

How should HK investors approach AMD stock now?

Consider phased entries near technical supports like the 50-day average, and keep risk limits tight due to elevated volatility. Monitor AI accelerator shipment milestones, large customer orders, and analyst revisions. Some may pair AMD with diversified US tech ETFs to reduce single-name risk while keeping AI exposure.

Global Market Insights

AMD Stock Today: February 04 – Q4 Beat; CLSA Eyes OpenAI-Fueled GPU Ramp

ByDanny Kontos February 4, 2026February 4, 2026

AMD stock drew focus in Hong Kong after Advanced Micro Devices (AMD) topped Q4 estimates with US$10.3 billion revenue and guided Q1 above Street. Shares still slipped as traders weighed near-term demand against longer-term AI gains. At the latest close, AMD stock was US$242.11 (about HK$1,888.46 at HK$7.80/US$). We break down the results, CLSA’s MI-series GPU ramp call tied to OpenAI, and what this setup means for HK portfolios in 2026.