AMD Jumps 4.3% After Hours as Nvidia Sinks 8.6% on Huang Report

AMD stock jumped 4.32% to $576.76 after hours while Nvidia fell 8.62% to $158.76, a split that opened after the Wall Street Journal reported Wednesday that Nvidia's board is preparing to remove chief executive Jensen Huang.

By Thursday's premarket, AMD held most of the gain at $572.58, up 3.56%, while Nvidia slipped further to $163.25, down 6.03%. Reuters said the board met late Wednesday to consider Huang's future and could not independently verify the Journal's account. No decision has been announced. Nvidia did not immediately respond to a request for comment.

AMD had already closed the regular session at $552.90, up 7.32%, before adding the overnight leg.

What did the other chipmakers do?

Broadcom was the only other gainer among six chipmakers quoted overnight, rising 2.39% to $353.47 on investingLive's after-hours data. TSMC fell 1.95%, Micron 2.76% and Marvell 3.00%.

That distribution matters. AMD outperformed Nvidia by almost 13 percentage points across the window and Broadcom by 11. But three other chipmakers fell alongside Nvidia, which argues against reading the move as money leaving one semiconductor name and landing in another.

Four of the six names fell, so the overnight bid behind AMD looks like selective relative strength in two names rather than sector-wide rotation out of Nvidia.

Nvidia'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.

How fast is AMD's data center business growing?

Underneath the move sits 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.

Are buyers getting AMD cheap?

No. 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 still: roughly 20.5 times for Nvidia against 81.1 times for AMD. Buyers of AMD stock overnight were paying up, not buying a discount.

Those 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.

How far has AMD run?

AMD 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 run started two sessions before the Journal report. AMD gained 6.4% in Wednesday's premarket after CoreWeave raised its revenue outlook, in the session where Nvidia itself rebounded 3.85% before the Journal story landed. The Q3 print on 3 November had taken AMD stock to $508 on a $17 billion fourth-quarter guide.

What happens next?

The succession problem is Nvidia's alone, 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. The Information reports the Commerce Department is finalizing restrictions on Chinese AI firms accessing advanced chips through overseas data centers, rules that 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. Nvidia reports on 17 November, and a weak guide there would test whether the bid under AMD is about market share or about the AI capital expenditure cycle as a whole, the same cycle that runs through Micron and Intel.