AMD Stock Is Gaining Tuesday: What's Going On?

Advanced Micro Devices Inc. (NASDAQ: AMD) stock climbed more than 3% in Tuesday's premarket session as investors returned to large-cap technology and artificial intelligence stocks ahead of the chipmaker's quarterly earnings report. AMD is scheduled to report fiscal second-quarter 2026 results after the market closes on Tuesday. Wall Street expects the company to report earnings of $1.55 per share, up from 48 cents a year earlier. Revenue is projected to increase to $11.28 billion from $7.68 billion in the prior-year quarter. The stock carries a consensus Buy rating with an average analyst price forecast of $581.86. Recent analyst actions have remained constructive. Susquehanna raised its price forecast to $500 on July 30, while Mizuho and Wedbush increased their forecasts to $625 and $600, respectively, on July 27. Tuesday's advance appears to reflect improving risk appetite rather than a company-specific catalyst ahead of earnings. Despite the recent pullback, AMD remains in a strong long-term uptrend. The stock has gained 174.15% over the past 12 months. AMD continues to score highly on Benzinga Edge metrics, with Momentum at 98.02, Growth at 97.26 and Quality at 92.16. AMD is among the largest holdings in several semiconductor and AI-focused exchange-traded funds, including the iShares Semiconductor fund (SOXX), the ARK Next Generation Internet fund (ARKW) and the Dan Ives Wedbush AI Revolution fund (IVES). AMD shares were up 3.21% at $500.20 during premarket trading on Tuesday.