AMD Stock Fell 6% in Three Sessions After Its Record Close. Here’s What OpenAI’s $20 Billion Revenue Gap Means for the Stock Wiltone Asuncion Sun, October 11, 2026 at 11:07 AM EDT 4 min read AMD -2.03% OPAI.PVT ORCL +4.59% NVDA -0.52% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Advanced Micro Devices (AMD) closed at $608.10 on October 9, 6.36% below its October 6 record close of $649.42, after three straight declines. The biggest came on October 8, when a Financial Times report put OpenAI's annualized revenue near $50 billion, about $20 billion below figures that had circulated. AMD traded down 4.55% at $616.48 intraday and closed at $620.68, down 3.90%. AMD's investor relations materials show why one private company's revenue matters this much: OpenAI is one of three customers with announced gigawatt-scale AMD GPU deals.
Oracle (ORCL) and NVIDIA (NVDA) also fell on the report. Per the FT's account, the gap reflects how revenue was counted, not lost sales. Bloomberg reported on October 9, citing unnamed sources, that OpenAI expects to reach at least $70 billion in annualized revenue by year-end.
OpenAI and Meta Platforms (META) each signed 6-gigawatt agreements for AMD Instinct GPUs, with the first gigawatt scheduled for the second half of 2026. Anthropic agreed to deploy up to 2 gigawatts starting in the first half of 2027, and AMD committed to invest up to $5 billion in Anthropic. Chair and CEO Lisa Su said AMD was "thrilled to deepen our partnership with Anthropic and deploy AMD Helios at gigawatt scale."
Management is open about the risk. At the Goldman Sachs Communacopia + Technology Conference on September 11, Dan McNamara, AMD's SVP and general manager of Compute Enterprise AI, said "we're concentrated from an AI standpoint" and "very focused on delivering to our top customers right now with Helios."
AMD also issued OpenAI and Meta warrants for up to 160 million shares each, or about 20% of the 1,632.48 million shares outstanding. OpenAI's final tranche carries a $600 stock price target, which AMD already trades above, so GPU deliveries are now the main gate. A slower OpenAI build delays revenue but also delays that dilution.
Matt Ramsay, AMD's corporate vice president of financial strategy and investor relations, said AMD will keep serving a long tail of customers. He also said it wants to approach the top 15 or 20 buyers of computing power and ask "how can we, at scale, be your high-performance computing partner." He restated analyst-day targets of "more than 60% growth of the data center franchise, more than 80% of growth of the AI business." He added that AMD expects to outgrow an addressable market of around $2 trillion by 2030 that is rising 40% a year.
Twenty buyers is still a short list, and McNamara put enterprise breadth later: "the spread will happen." Until it does, around 55 times NTM earnings on a P/E basis leaves little room for any single buyer to slip.
TIKR's mid-case is a scenario rather than a forecast. It values AMD at around $2,320 by December 31, 2030, a ~281% total return from $608.10, or ~37% a year over 4.2 years. Its assumptions call for around 42% annual revenue growth and a net margin near 35% across the model's 2025 to 2035 forecast window. That growth depends heavily on the OpenAI, Meta, and Anthropic ramps arriving on schedule.
The primary risk is timing: if one of the three buyers slows its build, the steepest growth years slip. Upside comes if enterprise customers broaden AI demand sooner. The downside is the multiple compressing before earnings catch up.
AMD reports third-quarter results on November 3, after the close. The disclosure that matters is whether shipments toward OpenAI's first gigawatt have begun, since delivery of that gigawatt vests the first warrant tranche. Confirmation supports the 2027 ramp. A slip into 2027 pushes AMD's steepest growth out a year while the stock still trades near 55 times forward earnings.
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