AMD Reports Q4 Earnings Amid AI Spending Scrutiny and Memory Shortage Headwinds

Advanced Micro Devices (AMD) reports fourth-quarter earnings on February 3, 2026, after market close, as investors assess its position in the AI chip race amid concerns over overspending and a global memory shortage. Analysts expect EPS of $1.32 on revenue of $9.6 billion, up from $1.09 and $7.7 billion a year earlier. Wall Street forecasts data center revenue of $4.97 billion (up 29% YoY), client segment sales of $2.9 billion, and gaming revenue of $855 million (up 52% YoY). AMD faces pressure from rising competition—not only from Nvidia (NVDA) but also from cloud giants like Microsoft (MSFT), Amazon, and Google developing in-house AI chips. The company recently unveiled its Helios AI server rack and MI500 GPU series at CES 2026, targeting a projected $1 trillion AI data center market by 2030.