AMD Reports Tonight: The Next Test of Intel’s Warning About the PC Slowdown

AMD reports third-quarter results after the market closes today, Tuesday 3 November, with a conference call at 5:00 PM ET. It is the cleanest test yet of whether Intel’s warning last week was an Intel problem or an industry problem.

Intel reported third-quarter revenue of $16.5 billion, up 21% from a year earlier, and adjusted earnings of $0.52 a share. Then it guided fourth-quarter revenue to $15-16 billion, well below the roughly $17 billion analysts expected, and warned the PC slowdown would last at least through the first half of 2027. Its shares closed Friday 30 October at $65.76, down 28.58% from $92.07 the day before — the worst single-day fall since 1974, by several accounts.

AMD fell 10.88% the same day, to $504.80, with no AMD-specific news. It is expected to report about $13.09 billion in revenue, up about 41% on the year, and adjusted earnings of about $1.95 a share, against its own guide of about $13.0 billion. The number to watch is its Client segment, the PC chip business: about 27% of AMD’s sales last quarter, against about half of Intel’s revenue. If AMD’s PC business holds up while Intel’s does not, Friday’s selloff hit the wrong company. If it echoes Intel, the slowdown is market-wide.

The conservative take: Markets punish bad guidance faster than they reward good results, and Intel earned its punishment. But one company’s supply problems are not proof the AI buildout is over. Data-center revenue at Intel rose 78% in the same quarter. The question tonight is whether demand is still there and only supply is short, or whether the whole cycle is cooling. Watch the guide, not just the headline.