AMD stock reaches new high as x86 architecture CPUs revive in the AI chip competition.
Advanced Micro Devices (AMD), listed on the Nasdaq, surged 13% to $345 on April 24, 2026, setting a new all-time high—all this despite AMD itself not releasing any financial results. What triggered this sudden spike was Intel's impressive Q1 2026 earnings report—data that fully confirmed what the industry has long suspected: that x86 CPUs are playing an increasingly important role in AI infrastructure. Investment bank D.A. Davidson upgraded AMD to a strong buy rating on the same day, with a target price of $375. Most notably, AMD's own Q1 2026 earnings report will be released on May 5.
The question that has financial analysts eagerly anticipating is whether AMD's stock price has already reflected a strong Q1 that we haven't even seen yet, or whether there's more to the story supporting the current all-time highs.
Intel's Q1 performance—revenue of $13.6 billion, non-GAAP EPS of $0.29 (far exceeding expectations of $0.01), and data center and AI revenue growth of 22% year-over-year—essentially indicates that there has been a massive shift in how x86 server CPUs are being utilized in markets serving AI workloads. Increasingly, large enterprises and hyperscalers are deploying these CPUs alongside GPU accelerators at scale. This is easy to understand—CPU architecture is precisely what handles all these inference and agentic AI workloads best.
During the earnings call, Intel's CEO noted that the shift from simple models to real inference to agentic AI workloads "is driving massive growth in CPU demand"—which has immediate implications for AMD's EPYC server business, given that AMD has captured record server market share. If large enterprises are indeed accelerating their spending on CPUs—as Intel's data strongly suggests—then AMD has all the ingredients to exceed its $980 million Q1 guidance when it reports on May 5.
From a weekly chart perspective, after going through a promising and solid bottom-building phase, AMD has finally broken through into that tricky Fibonacci extension range ($340 to $346). The RSI is in the high 70s—momentum is strong, but this is the stage where many traders begin to consolidate before a true breakout. Resistance looks challenging: first at $346, then at $368 (a solid Fibonacci 2.272 level) and $395 (large Fibonacci 2.618).
Advanced Micro Devices (AMD) Price Chart - Source: Tradingview
Breakout Entry: When daily closes break above $346—our target will be $368 to $395.
Pullback Entry: The better option is to enter in the $316 to $288 range—especially after earnings, with a better risk/reward ratio.
Stop Loss: Weekly close below $288, and the entire trade is invalidated.
Why did AMD stock suddenly surge 10% on April 24 without AMD itself releasing any new financial data?
AMD received a boost from Intel's impressive Q1 2026 announcement, which showed that data center and AI CPU revenue grew 22%. This fully confirmed that demand for x86 CPUs in AI infrastructure has truly taken off. Since AMD's EPYC server CPUs are competing in the same market, Intel's data essentially amounted to confirmation that AMD's May 5 earnings will be significant. On the same day AMD's stock was rising, D.A. Davidson changed its stance, upgrading from hold to buy with a target price of $375, which further reinforced the upward momentum.
When will AMD finally release its Q1 2026 earnings report, and what should investors watch for?
AMD's Q1 2026 earnings report will be released after the close on May 5. The company is guiding for revenue of approximately $980 million, representing 32% year-over-year growth. The data center segment is where the real spotlight is, especially since the company generated a record $538 million in Q4 2025. We'll also be watching for when AMD's Instinct MI400 begins scaling, Meta's progress on shipment timelines, and any Q2 2026 guidance AMD might provide.
Given Intel's display of such strong demand for AI, AMD has every reason to exceed the $980 million revenue guidance. But don't forget China's ceiling, which will cost AMD roughly $100 million per quarter.
What is AMD's current stock price target for 2026?
D.A. Davidson's target is the most bullish, set at $375 (which they also call a buy). While all analysts agree on the $280 to $300 price range, after Intel's news, there's now a cohort of analysts pushing targets in the $358 to $375 range. From a technical perspective, AMD's chances of breaking through $346, $368, or even possibly $395 do exist—but frankly, this could be a higher-risk move. If you want to take the lower-risk route, consider entering on the pullback before earnings or retesting the $316 to $288 support zone after May 5.
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