AMD just delivered one of its strongest quarters on record. The market’s response was to sell the stock anyway.
On August 4, AMD reported Q2 2026 revenue of $11.54 billion, clearing the analyst consensus of roughly $11.3 billion. Adjusted earnings per share came in at $1.66, above the expected $1.62. Data center revenue grew 107% year-over-year to approximately $6.72 billion.
Then the after-hours session opened, and AMD shed roughly 8% of its value. The stock had climbed 7% during the regular session, which means investors essentially bought the rumor, then aggressively sold the news.
Three numbers that spooked the market
First, capital expenditures. AMD spent $808 million in the quarter, nearly three times the analyst expectation of $298 million.
