AMD, Arm Offer Window Into AI Landscape Ahead of Nvidia Earnings
(Bloomberg) — Two chipmakers reporting earnings in the coming days will give investors insight into how demand for artificial intelligence infrastructure is holding up a few weeks ahead of Nvidia Corp.'s (NVDA) results.
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Advanced Micro Devices Inc. (AMD) is set to report results Tuesday after market close while Arm Holdings Plc (ARM) will give its earnings figures postmarket on Wednesday. Though chipmaking stocks have taken hit this year — the Philadelphia Semiconductor Index (^SOX) is down 13% — underlying results may show a stronger foundation for the AI trade than recent stock performance indicates.
Part of that is because the engine for AI infrastructure — spending from the biggest technology companies racing to build to utilize AI — hasn't slowed down. Companies including Meta Platforms Inc. (META), Alphabet Inc. (GOOG, GOOGL) and Microsoft Corp. (MSFT) have pledged that they'll either keep up previously announced spending or plow even more into AI as the look to assuage investor concerns that an uncertain macroeconomic backdrop would see them trimming capital expenditures instead.
Meanwhile, Palantir Technologies Inc. (PLTR) boosted its 2025 revenue outlook, saying demand for its AI software was a 'ravenous whirlwind.' Its shares, which had soared more than 67% over the last month alone, slumped about 9% in premarket trading Tuesday as analysts continued to question its lofty valuation.
'Nobody's stopping their CapEx,' Paul Marino, chief revenue officer at Themes ETFs, said of recent earnings reports from big tech companies. 'I sound like a broken record when I say all this stuff, but not only are they not stopping it, they're increasing it.'
Wall Street analysts covering AMD and Arm see both growing revenue in the quarter they're reporting — AMD is expected to report $7.1 billion in revenue, a 30% increase, while Arm is expected to report $1.23 billion in revenue, up 33% in the same period.
'You would have to think that Nvidia is gonna do extraordinarily well if those other two have any kind of decent earnings,' Marino said.
Nvidia's results, which come at the end of the earnings season, have outsized importance due to the company's place at the helm of AI hardware and its size and weightings in the S&P 500 Index (^GSPC) and Nasdaq 100 Index (^NDX). Even with this year's 15% slump, Nvidia is the third-largest company in both indices, meaning that moves in its stock can influence the entire market.
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