AMD guides Q1 2026 revenue to $9.8B, below expectations, and only about $100M of China MI308 sales
AMD guided first-quarter 2026 revenue to about $9.8 billion plus or minus $300 million, with non-GAAP gross margin near 55%. The guidance included only about $100 million of MI308 sales to China, versus roughly $390 million in Q4. The soft outlook and rising operating expenses for next-generation accelerators drove a sharp selloff in the stock the next day.
- Q1 2026 revenue guide about $9.8B, plus or minus $300M
- Non-GAAP gross margin guided to about 55%
- Q1 includes about $100M of MI308 sales to China versus about $390M in Q4
- CEO said operating expenses are rising as AMD invests in next-gen accelerators
Moves this explains
AMD−11.38%Feb 2 · AMD fell 11.4% on the day of its fiscal Q4 2025 report, which guided Q1 2026 revenue to $9.8B, below expectations, with only about $100M of China MI308 sales. Nvidia fell 3.8% and Micron 6.0% with it, while the S&P 500 lost 1.0%.AMD−8.00%Feb 3 · AMD closed down 8.0% at $204.37 after the weak Q1 guidance, a second straight large loss. Intraday, the drop reached 17.3% to $200.19, a bigger figure than the close-to-close move in our data. Palantir (-10.7%), Alphabet (-4.2%) and Robinhood (-7.3%) also fell, so the selloff was partly sector-wide.Source
AMD Investor RelationsFeb 3, 2026