AMD stock was quoted at $572.58 in Thursday’s premarket, up 3.56%, holding the gain it made overnight while Nvidia fell to $163.25, down 6.03%. The split began after Wednesday’s close, when the Wall Street Journal reported that Nvidia’s board is preparing to remove chief executive Jensen Huang.
Reuters said the board was meeting late Wednesday to consider his future and could not independently verify the Journal’s account. No decision has been announced, and Nvidia did not immediately respond to a request for comment. AMD stock closed the regular session at $552.90, up 7.32%, then added 4.32% after hours to $576.76 while Nvidia fell 8.62% to $158.76.
Only Two of Six Chipmakers Rose After the Report
Broadcom was the only other gainer among the six chipmakers quoted overnight, rising 2.39% to $353.47 on investingLive’s after-hours data, while TSMC fell 1.95%, Micron 2.76% and Marvell 3.00%.
AMD stock outperformed Nvidia by almost 13 percentage points across that window, and Broadcom by 11. Three other chipmakers fell alongside Nvidia, which argues against reading the move as money leaving one semiconductor name and arriving at another.
Four of the six names fell, so the overnight bid behind AMD stock looks like selective relative strength rather than a sector-wide rotation out of Nvidia. Source: investingLive · Chart: FinanceFeedsNvidia’s decline implied roughly $361 billion of market value against Wednesday’s close, on a $4.19 trillion capitalization. AMD’s entire market value is $906.80 billion.
Investor Takeaway
Three of the six chipmakers quoted overnight fell alongside Nvidia, so the bid under AMD stock reads as relative strength in two names rather than evidence that capital is rotating out of Nvidia and into its rivals.
AMD’s Data Center Revenue Nearly Doubled to $8.5 Billion
What sits underneath the move is a business that was already accelerating before the governance story broke. Third-quarter data center revenue reached $8.5 billion, up 97% year over year on Instinct accelerators and EPYC processors, against total revenue of $13.38 billion. Management guided to more than 80% revenue growth in 2027.
Google selected AMD’s fifth-generation EPYC processors for its TPU 8tx system in the same stretch. AMD also agreed to supply Anthropic with Helios systems under an arrangement that lets it invest up to $5 billion in Anthropic shares, with purchases tied to GPU delivery and deployment milestones. Oppenheimer upgraded the stock to Outperform with a $600 target, which FinanceFeeds carried alongside Lisa Su’s response to the selloff on 9 November.
The Rotation Went Into a 31x Multiple From an 11x One
Nvidia carries a forward price to earnings multiple of 11 on Finviz data. AMD trades at 31.33, Broadcom at 17.87 and TSMC at 17.89. The enterprise value to EBITDA gap is wider, at roughly 20.5 times for Nvidia against 81.1 times for AMD, so buyers of AMD stock overnight were paying up rather than buying a discount.
Buyers of AMD stock overnight paid nearly three times Nvidia’s forward multiple, which is a bet on execution rather than a value rotation into a cheaper asset. Source: Finviz via investingLive · Chart: FinanceFeedsThose multiples come from Wednesday’s regular-session close and are not recalculated for the overnight moves. They also rest on different earnings forecasts and product mixes, so part of the gap is structural.
AMD Stock Has Gained 24% in Five Sessions
AMD stock is up 24.41% over five sessions and 152.58% this year on TradingView data, with a beta of 2.63, after falling 17.26% in a single session on 4 November and rebounding 11.04% the next. The one-month reading is still negative at 7.84%.
The five-session gain in AMD stock began before the Huang report and was running on CoreWeave’s results and the Oppenheimer upgrade, which makes Wednesday night an extension rather than a starting point. Source: TradingViewThe run in AMD stock started two sessions before the Journal report, with a 6.4% premarket gain on Wednesday after CoreWeave raised its revenue outlook, in the session where Nvidia itself rebounded 3.85% before the Journal report landed. The Q3 print on 3 November had taken AMD stock to $508 on a $17 billion fourth-quarter guide.
The Commerce Department Rules Would Reach AMD Too
Nvidia alone carries the succession problem, and its board reaffirmed confidence in Huang as recently as 8 November, when it opened an independent investigation. Gil Luria of D.A. Davidson told Reuters that removing him immediately “could be challenging for Nvidia since it does not have a succession plan in place.”
The demand question reaches both companies at once, because The Information reports that the Commerce Department is finalizing restrictions on Chinese AI firms accessing advanced chips through overseas data centers, which would catch AMD as well. Bernstein halved its Nvidia target to $200 and Baird cut the stock to Neutral from a $500 target, the third and fourth broker moves in two days, and Nvidia reports on 17 November. A weak guide there would test whether the bid under AMD stock is about market share or about the AI capital expenditure cycle as a whole, the same cycle that runs through Micron and Intel.
Investor Takeaway
Nvidia’s 17 November results are the test of whether the premarket bid under AMD stock reflects share gains or an AI spending cycle both companies share, because a weak guide would pull AMD down with it despite the governance story being Nvidia’s alone.