TLDR
- AMD stock jumped more than 13% on Monday, then rose about 5% early Tuesday before cooling to roughly 2% higher.
- Anthropic’s IPO filing shows AMD will buy about $2.5 billion of Class N stock in a $26 billion private placement.
- The purchase falls under AMD’s July commitment of up to $5 billion tied to a hardware supply deal.
- Oppenheimer upgraded AMD to Outperform with a $600 price target.
- Nvidia fell nearly 6% on Tuesday as its board investigates a controversy involving CEO Jensen Huang.
AMD stock kept climbing on Tuesday, though it gave back some gains by midday. It rose about 5% in morning trading and was up roughly 2% at the time of writing.
Advanced Micro Devices, Inc., AMD
That followed a jump of more than 13% on Monday. By Wednesday, the stock opened at $515.21, up 1.3%.
The latest push came from Anthropic’s IPO filing. It showed AMD will join a $26 billion private placement alongside some of the biggest names in tech.
WHO'S BUYING THE $26B OF ANTHROPIC STOCK IN THE PRIVATE PLACEMENT
• Google: $10.0B
• Nvidia: $10.0B
• AMD: $2.5B
• Broadcom: $1.0B
• Micron: $1.0B
• Microsoft: $1.0B
• TSMC: $500MAll at the IPO price, per Anthropic's updated SEC filing. pic.twitter.com/Cfqi3dTsDB
— Wall St Engine (@wallstengine) November 10, 2026
AMD agreed to buy about $2.5 billion of Anthropic’s Class N shares. Google, Nvidia, Broadcom, Micron, Microsoft and Taiwan Semiconductor Manufacturing Co. are also in the deal.
The placement is expected to close alongside Anthropic’s IPO. So the timing is tied to the listing itself.
This is not fresh money, though. The $2.5 billion falls under an earlier promise made in July.
Back then, AMD committed to buy up to $5 billion of Anthropic stock. That came with a hardware supply agreement.
Under that deal, Anthropic plans to deploy up to 2 gigawatts of AMD Instinct MI450 Series GPUs. They would run on Helios rack-scale systems.
The first gigawatt is expected to start rolling out in the first half of 2027. Anthropic kicked off its IPO roadshow on Tuesday.
Monday’s Upgrade and Google Cloud Win
The company is offering 825 million Class A shares at an expected $70 to $78 each. It has applied to list on the Nasdaq under the ticker ANT.
Monday’s surge had its own spark. Oppenheimer upgraded AMD to Outperform from Perform and set a $600 price target.
Analyst Rick Schafer pointed to rising demand for AMD’s data center chips. He projects data center revenue could grow 135% in 2027.
Oppenheimer also expects AI GPU sales to pass EPYC server CPU revenue next year. It named the MI455 AI chips and Helios systems as key drivers.
AMD also said its fifth-generation EPYC processors will power the host infrastructure for Google Cloud’s new TPU 8tx system. The system offers hardware-enforced confidential computing for sensitive AI workloads.
Nvidia Stumbles as AMD Climbs
Nvidia had a rougher day. Its stock fell nearly 6% around midday on Tuesday.
The company’s board has launched an independent investigation into CEO Jensen Huang. It involves an extramarital affair with a suspected Chinese agent, and Huang remains in his role.
The S&P 500, Dow Jones and Nasdaq were all lower on Tuesday. Some analysts say money moving between chip stocks is not the same as customers switching suppliers.
Third-quarter results were solid. AMD posted earnings of $2.09 per share against the $1.95 consensus.
Revenue came in at $13.38 billion, up 44.7% from a year ago. Data center sales grew 97%.
The stock sits well below its 52-week high of $658.52. It is still above its 52-week low of $188.22.
Wall Street holds a “Moderate Buy” consensus on AMD. The average price target is $642.47.
