Shares of Advanced Micro Devices (AMD 3.13%) continue a rally that began in 2025. As of Feb. 2, the stock is up 10.5% just in 2026 and 104% over the past year. The company reports earnings on Feb. 3. Should investors buy in now? Let's have a look at what's going on with AMD.
NASDAQ: AMD
Key Data Points
AMD is reporting substantial year-over-year growth
AMD is a leading semiconductor business with significant exposure in data centers, custom chips, and personal computers. Under the leadership of CEO Lisa Su (she took over leadership in late 2014), AMD's market cap has grown from a $3 billion mid-cap to a $400 billion AI leader.
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AMD's revenue has also ballooned substantially. As of the company's last quarterly earnings report, revenue reached $9.2 billion, a 36% increase from the previous year. Other metrics are also improving. Last quarter also showed that gross profit was up 40%, and net income and earnings per share were up 61% and 60%, respectively.
There are rumors of production delays associated with AMD's next-generation MI-450 AI accelerators, but AMD has not formally announced anything as of this writing. A delay could affect the stock in the near term, but the longer-term prospects still look promising. Analysts generally expect AMD to beat expectations in its upcoming earnings report.
I'm bullish on AMD long-term
Overall, AMD isn't going to catch industry leader Nvidia anytime soon, but the market both operate in is huge, and AMD is an extraordinarily strong company with excellent leadership. If you're an investor looking to capitalize on the AI chip race, AMD is a terrific choice regardless of whether you buy before or after it reports earnings on Tuesday, as long as you invest with a long-term mindset. If AMD's leadership raises its guidance on Feb. 3, that would be an even greater catalyst for a stock that's already on a tear.
