NEW YORK, Feb 20, 2026, 10:37 (EST) — Regular session
Advanced Micro Devices dipped 0.3% to $202.73 early Friday, following a report that the chipmaker will guarantee a $300 million Goldman Sachs loan for AI cloud startup Crusoe to purchase and install AMD chips. According to the report, the loan is secured by the chips and associated gear; if Crusoe falls short of customers, AMD has agreed to lease back its own equipment. Nvidia, the bigger player in AI accelerators, was flat. (Reuters)
AMD’s in the spotlight here, and not just for products—financing is part of the equation now. If they step in to support debt, borrowing gets cheaper for up-and-coming data-center firms, projects move faster. But there’s a hitch: chipmakers end up nearer the credit risk, too.
It’s coming as the AI trade hits another anxious patch. Investors are sifting through deals, trying to spot genuine demand for compute versus transactions that just circulate funding within the ecosystem.
Nvidia is set to report earnings Wednesday, putting the entire AI chip sector on alert. “It’s hard for Nvidia to surprise when everyone expects it to surprise,” said Marta Norton, chief investment strategist at Empower. (Reuters)
AMD has yet to convince investors that growing demand for AI servers will translate into dependable growth. Shares fell earlier this month when the company’s outlook reignited skepticism about its ability to wrest market share from Nvidia. Bernstein’s Stacy Rasgon weighed in, calling the near-term AI figures “not really inflecting.” (Reuters)
Traders are eyeing whether vendor support will turn into a regular fixture. The chip race comes with a steep price tag, leaving smaller customers looking for inventive financing just to get clusters up and running.
The setup’s a double-edged sword. Should AI demand slow or buyers pull back, vendors risk getting stuck with excess exposure — and when momentum fades, the market hasn’t hesitated to slam these stocks fast.
Nvidia steps into the spotlight next week, with investors laser-focused on its earnings and guidance. The company’s numbers have become a litmus test for AI-related returns across the industry. (Reuters)
