AMD Stock: Data Center Growth, Earnings-Day Swings and Every Big Fall

Michael Whitman · Trading since 2017, full-time since 2020 · YouTube creator, 137K subscribers · Published 2026-11-07

AMD stock trades on the Nasdaq under the ticker AMD, and in four years the company behind it went from a maker of mainly PC and console chips to, by revenue, mostly a data center supplier.

A quote page tells you the last price and a P/E near 100. It does not tell you which business is doing the growing, why that P/E looks so high, how violently the shares react to results, or how often they have lost half their value. We rebuilt all four from AMD’s SEC filings and the daily price record back to 1980.

AMD at a glance: up 109.7% in 2026

Price is the November 6, 2026 close. Earnings, equity and the share count come from the 10-Q for the quarter ended September 26, 2026, which AMD filed on November 4.

AMD was up 109.7% in 2026 through November 6, while the S&P 500 gained 7.8% and SMH, a fund of large chip stocks, gained 28.8%. Even so, the stock ended that day 30.9% below its record close of $649.42 on October 6, 2026. Its lowest close of the past year was $190.95, on March 3, 2026.

How it works: where AMD makes its money

Three segments now. AMD’s 2025 and 2026 filings report Data Center, Client and Gaming, and Embedded. Data Center holds the EPYC server processors and the Instinct accelerators sold for AI work. Client and Gaming holds Ryzen PC chips, Radeon graphics cards and the custom chips inside game consoles. Embedded holds the former Xilinx programmable chips, plus AMD’s own embedded processors, sold for cars, factories, networks and defense.

The latest quarter. In the three months to September 26, 2026, Data Center brought in $8.55 billion, up 96.9% on a year earlier. Client and Gaming brought in $3.72 billion, down 8.1%, and Embedded $1.11 billion, up 29.4%.

Where the profit sits. Data Center earned $2.88 billion of segment operating income that quarter, a 33.7% margin, against $0.57 billion for Client and Gaming and $0.45 billion for Embedded. Company-wide operating income was lower, at $2.83 billion, because amortization, stock pay and other costs are kept outside the segments.

The Xilinx deal and AMD’s share count

Xilinx changed the share count. AMD completed its purchase of Xilinx on February 14, 2022, paying $48.8 billion, almost all in new stock: 429 million shares. The covers of AMD’s filings show 1,199,303,422 shares in January 2022 and 1,620,507,904 three months later, the reverse of what stock buybacks do.

Why AMD’s P/E looks so high

A P/E of 97.4 means buyers were paying $97.40 for each $1 of GAAP profit AMD earned over the last four quarters. Two things in the filings help explain it.

Amortization. When AMD bought Xilinx it booked $27.31 billion of identified intangible assets, such as technology and customer relationships, and it writes them down over time as an expense. Amortization of intangible assets was $2.8 billion in 2023, $2.4 billion in 2024 and $2.3 billion in 2025, and about $2.23 billion over the last four quarters. That cost reduces GAAP earnings but uses no cash. AMD’s own “non-GAAP” earnings leave it out, so they are higher, and a P/E built on them comes out well below 97.

Earnings are rising fast from a low base. A year earlier, on November 6, 2025, AMD closed at $237.70 and trailing diluted EPS was $2.02, a P/E of 117.7. EPS has since risen 128.2%. The price rose too, so the multiple came down only a little. Our P/E ratio page explains why one profit figure can carry such different prices.

A worked example: AMD’s P/E of 97.4, step by step

Every input except the price is in AMD’s XBRL filings.

1. Trailing earnings. Diluted EPS was $3.69 for the nine months to September 26, 2026, $2.65 for fiscal 2025 and $1.73 for the nine months to September 27, 2025. Last twelve months = $3.69 + $2.65 − $1.73 = $4.61.
2. P/E. $449.04 ÷ $4.61 = 97.4.
3. Market value. $449.04 × 1,640,087,251 shares = $736.46 billion. See market cap.
4. Trailing revenue. The last four quarters were $10.27 billion, $10.25 billion, $11.54 billion and $13.38 billion, $45.44 billion in all. $736.46 billion ÷ $45.44 billion = 16.21.
5. Book value. Stockholders’ equity was $68.39 billion on September 26, 2026, so price-to-book is 10.77. Goodwill of $25.47 billion and other intangibles of $15.10 billion make up 59.3% of that equity, much of it from Xilinx, so price-to-book says little here.

The original data: AMD’s data center climb over 19 quarters

Revenue by segment, 19 quarters. We took every AMD 10-Q and 10-K filed from 2022 to November 2026 and used the most recent figure filed for each quarter, since later reports restate earlier ones. Each fourth quarter is what is left of the full-year figure after the first three quarters. Client and Gaming are added together for 2022-2024, when AMD reported them apart.

One correction was needed. In the 10-Qs AMD filed during 2023 and 2024, the machine-readable XBRL tags for Data Center, Client and Gaming are attached to the wrong rows. Read as tagged, data center revenue for the first quarter of 2023 is $1.757 billion. AMD’s own press release for that quarter says $1.295 billion. The same swap shows against AMD’s releases for the second quarter of 2023 (data center $1.321 billion) and the first quarter of 2024 ($2.337 billion). We moved the labels back, checked every quarter that appears in more than one filing (no conflicts left), and matched the press release to the dollar.

What the 19 quarters show:

• Start. In the quarter to March 26, 2022, data center revenue was $1.29 billion, 22.0% of $5.89 billion.
• A flat two years. Data center revenue stayed between $1.29 billion and $1.66 billion a quarter through September 2023, while the PC slump cut Client and Gaming from $4.00 billion to $2.50 billion a quarter.
• Past half. Data center first topped 50% of revenue in the quarter to September 28, 2024, at 52.0%.
• The export hit. In the quarter to June 28, 2025, AMD took about $800 million of inventory and related charges tied to the US export control on its Instinct MI308 chips. Data center posted a $0.16 billion operating loss and its share fell back to 42.2%.
• Now. $8.55 billion in the quarter to September 26, 2026, 6.6 times the first quarter of 2022.

AMD on results days: 44 reports since 2016

What results day does to the price. AMD filed 46 8-Ks under Item 2.02 from January 2016 to November 2026. Two were not quarterly reports: an accounting recast for the new revenue standard on February 27, 2018, and a revenue warning on October 6, 2022, after which the stock fell 13.87%. That leaves 44. All but one came after the 4 p.m. close, so the move is that day’s close to the next. The exception, October 27, 2020, came before the open alongside the Xilinx deal, and its move is the prior close to that day’s close.

• Size. The median move was 7.03% either way, 3.7 times the 1.90% median across all 2,717 trading days in the span. 30 of the 44 moved 5% or more and 15 moved 10% or more.
• Direction. 24 down and 20 up, close to even.
• Extremes. The biggest rise was 52.29% on April 22, 2016, from a share price under $4. The deepest fall was 24.23% on May 2, 2017.
• Lately. The last eight reports had a median move of 6.34% and split four up, four down, from a 17.31% fall in February 2026 to an 18.61% rise in May 2026. The November 3, 2026 report was followed by a 1.01% rise.

AMD’s six falls of half or more since 1980

Every fall of half or more. Using daily closes since March 1980, a fall runs from a record close to the lowest close before the next record. Six reached 50%. The two before 1990 were 66.5% (1980-1981) and 90.9% (1984-1990), the second taking until 1997 to recover.

The 2000 peak of $47.50 fell to $1.62 by July 2015 and took 7,134 days, more than 19 years, to win back. Our drawdown page explains the measure.

Download the data: AMD revenue by segment, quarterly and AMD earnings-day moves. Both files may be reused with credit and a link to this page, under our site license.

When it fails: big beats, sector days and government rules

A big beat can still sink the price. The February 2026 report came in a quarter when revenue rose 34.1% from a year earlier, and the stock fell 17.31% the next day. Results are judged against what traders already expected.

Sector days swamp company news. On November 5, 2026, two days after a record quarter, AMD fell 17.26% as SMH dropped 11.21%. It rose 11.04% the next session. For a stock with a high beta, a chip-wide sell-off can outweigh any single report.

Government rules can erase a quarter’s profit. The MI308 charge turned data center profit into a loss for one quarter.

Concentration cuts both ways. At 63.9% of revenue, a pause in AI data center spending would reach most of AMD’s sales at once, the same exposure that lifted the shares in 2026. See concentration risk.

These figures go stale. The P/E, market value and segment shares change with every trade and every filing.

Questions people ask

What is AMD’s ticker?

AMD, on the Nasdaq Global Select Market. It is the common stock of Advanced Micro Devices, Inc. of Santa Clara, California.

What is AMD’s market cap?

About $736.46 billion at the November 6, 2026 close of $449.04, using the 1,640,087,251 shares on the cover of the 10-Q filed November 4, 2026.

Does AMD pay a dividend?

No. AMD pays no cash dividend, so its dividend yield is zero. It returns cash through share repurchases instead: $0.22 billion in the first nine months of 2026.

Why is AMD’s P/E so high?

On GAAP numbers it was 97.4 on November 6, 2026. About $2.23 billion a year of amortization from past acquisitions, mostly Xilinx, lowers GAAP profit, and profit is growing from a low base: trailing EPS rose 128.2% in a year.

When does AMD report earnings?

AMD reports about five weeks after each quarter ends, after the market closes. Its fourth-quarter reports for the last 11 years were filed between January 19 and February 4. Check AMD’s investor site for the next date.

Did AMD buy Xilinx?

Yes. The deal closed on February 14, 2022 for $48.8 billion, paid mostly with 429 million new AMD shares. Xilinx’s programmable chips are reported in AMD’s Embedded segment.

Related

For the valuation side, see P/E ratio, earnings per share and operating income. If you own AMD through a chip or technology fund, our sector funds page covers what that concentration means. How companies frame their outlook on results day is on earnings guidance, and the general case for spreading risk is on volatility.

This page is educational, not financial advice. Test every idea on your own charts before risking money.