Advanced Micro Devices, Inc (AMD) stock price continues to dip in the after hours after closing 7.04% (36.53 points) lower on Wednesday, August 5, 2026. AMD’s price has faced an additional 0.97% (4.67 points) dip before markets open today. AMD’s dip is surprising given that the company reported record revenue in its quarterly earnings report. The stock has also received overwhelming “buy” signals from Wall Street. Let’s discuss what’s going on.

What’s Behind AMD’s Stock Price Dip?

According to Futurum Group CEO Daniel Newman, the dip could be due to investors expecting even higher gains through AMD’s Helios chips. Patrick Moorhead, founder and chief analyst at Moor Insights & Strategy, also highlighted that investors may have been expecting even bigger numbers from AMD’s quarterly earnings report.

However, the continued dip could be due to SpaceX CEO Elon Musk stating the company will build exclusively on Nvidia, AMD’s primary rival. Musk stated, “Going forward, we’ve decided to build exclusively on Nvidia, because we think the Vera Rubin architecture is the best architecture. We think it’s the best AI computer, and we greatly value our close cooperation and partnership on many levels with Nvidia.“

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AMD is riding the AI wave, but competition is high. Things could turn around after AMD’s Helios chips begin to ship. We could see stock prices surge by the fourth quarter of this year. AMD has claimed that its new chips can even outperform Nvidia’s offerings. AMD is also expected to greatly benefit from agentic AI which is more dependent on CPU (Central Processing Unit) power than compared to generative AI, which relies on GPU (Graphics Processing Unit) power.

While AMD stock may be facing market pressure, Wall Street remains bullish on the company. The stock has 41 “buy” ratings from Wall Street and no “sell” signals. We could see things turn around very soon.