Advanced Micro Devices (AMD) stock was up 2.6% on Wednesday, but investors won’t find a press release or filing with the U.S. Securities and Exchange Commission (SEC) as the catalyst behind the semiconductor stock’s rally. Instead, AMD stock’s positive movement today is due to an earnings report from Super Micro Computer (SMCI).
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NVDS: built for a short position on NVDASuper Micro Computer reported its Q2 2026 earnings after markets closed on Tuesday. The company posted adjusted earnings per share of $1.70, which was better than Wall Street’s estimate of 96 cents. That adjusted EPS beat boosted SMCI stock 13.13% higher today, even if the company’s revenue of $11.1 billion was below Wall Street’s estimate of $11.56 billion.
Super Micro Computer also posted strong guidance in its latest earnings report. The company expects Q3 revenue to range from $14.5 billion to $15.5 billion, which is well above Wall Street’s estimate of $12.91 billion. Its 2026 revenue outlook of $65 billion to $72 billion is also set to easily surpass Wall Street’s estimate of $53.29 billion.
Why This Matters to AMD Stock
Super Micro Computer said that its strong Q2 results and guidance were due to ongoing elevated demand for AI. This also resulted in the company reporting a record backlog in its Q2 earnings report.
Super Micro Computer’s earnings and guidance are important to AMD, as they both operate in the AI sector. AMD makes the GPUs and CPUs that go into servers. These servers are built by information technology companies, such as Super Micro Computer. However, AMD is also expanding directly into the server market with its Helios rack system that was launched in July 2026.
The Super Micro Computer earnings report helped lift the shares of other AI-related companies today. Outside of AMD, Nvidia (NVDA) and Intel (INTC) also got a boost from that earnings report.
Is AMD Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for AMD is Strong Buy, based on 28 Buy and six Hold ratings over the past three months. With that comes an average AMD stock price target of $640.82, representing a potential 31.54% upside for the shares. (See AMD Stock Forecast)
