AMD shares have risen 164% in 2026 as of Oct. 28, well ahead of the S&P 500 (up 12.9%) and the Nasdaq Composite (up 13.8%). Second-quarter revenue rose 50% to $11.5 billion, adjusted EPS reached $1.66, and data center revenue hit $6.7 billion, up 107%. Ahead of the Nov. 3 report, consensus expects $13.1 billion in revenue and EPS of $1.93. The author notes the stock trades at a forward P/E of 35, roughly double the S&P 500's long-term forward multiple, leaving little room for disappointment. For long-term investors, the author suggests buying gradually rather than building a large position before the earnings report.
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