Chip Stocks Rebound Ahead of AMD Earnings Report
Semiconductor stocks recovered on November 3 following a sector-wide selloff triggered by Intel's weak revenue guidance for the fourth quarter of 2026.
Chip stocks rebounded on November 3, with Advanced Micro Devices rising 5%, Intel gaining 4%, and Marvell Technology increasing 2%. The recovery follows a sector-wide selloff that began on October 29 after Intel issued weak Q4 2026 revenue guidance of $15 billion to $16 billion, missing analyst projections of $17 billion.
Intel CEO Lip-Bu Tan attributed the slump to a sharper-than-expected decline in the PC market, a trend he expects to persist through the first half of 2027. Market focus has since shifted to AMD, which is scheduled to release its Q3 2026 results after the market close on November 3. Analysts expect AMD to report revenue of $13 billion and earnings per share of $1.97, with a particular emphasis on Data Center sales.
Marvell Technology also saw gains despite a downgrade to Neutral by Bank of America. The downgrade followed Marvell's announcement on November 2 of an all-stock agreement to acquire Lumentum Holdings.
