AMD gains as upgrade offsets Nvidia leadership risk, Intel delays
Chip stocks are moving sharply as investors weigh product competition, execution setbacks and a fresh governance issue at Nvidia. The session also features notable moves in engineering and agriculture names after earnings updates from Tetra Tech and Corteva.
Highlights
- AMD shares rose 2.8% after William Blair upgraded the stock to outperform, citing Instinct GPU gains and Intel Xeon delays.
- Nvidia shares dropped over 7% after a New York Times report regarding CEO Jensen Huang prompted a board meeting to discuss his future.
- Tetra Tech surged nearly 10% on fiscal Q4 adjusted earnings of 49 cents per share, topping estimates, while Corteva fell over 9% after missing revenue expectations.
Chipmakers drive the day’s biggest moves
As first reported by CNBC, AMD shares rose 2.8% after William Blair upgraded Advanced Micro Devices to outperform from market perform, arguing that the company’s Instinct line of GPUs and artificial intelligence accelerators is positioned to gain market share.The brokerage says AMD could benefit as Intel struggles with delays and supply shortages affecting its next-generation Xeon processor. It also points to potential longer-term advantages if uncertainty around Nvidia’s leadership weighs on its competitive position.
Nvidia shares dropped more than 7% after The New York Times reported that CEO Jensen Huang had another affair, this time involving the company’s vice president of health. The report says Nvidia’s board met on Wednesday to discuss Huang’s future at the company.
Earnings updates hit industrial and agriculture stocks
Outside semiconductors, Tetra Tech shares surged nearly 10% after the consulting and engineering services provider reported fiscal fourth-quarter earnings above expectations. The company posts adjusted earnings of 49 cents per share, ahead of a FactSet estimate of 47 cents, while net revenue of $1.15 billion matches expectations.Corteva shares slid more than 9% after the company reported third-quarter revenue of $1.59 billion, missing the $1.77 billion analysts were expecting. The decline adds to the day’s broader pattern of sharp single-stock reactions tied to company-specific results and outlook signals.
In a previous article, we explained how a Nasdaq 100 selloff coincided with the launch of a blockchain-native JQQQ fund.
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