NEW YORK, Feb 26, 2026, 08:41 EST — Premarket
- AMD slipped roughly 1.3% ahead of the bell, pulling back after a two-day rally fueled by AI momentum.
- Meta’s supply agreement—this one comes bundled with warrants—has investors doing the math. And over at Nutanix, a fresh $150 million gets deployed, pegged directly to “agentic AI.”
- Traders have their eyes on Nvidia’s earnings read-through, plus Friday’s U.S. producer-price data.
Advanced Micro Devices slid 1.3% before the bell to $208.15. On Wednesday, AMD wrapped up at $210.86, a drop of 1.7%. (MarketWatch)
Investors are showing less patience for AI plays fueled by hype and distant payoffs. U.S. stock index futures barely budged early Thursday, despite Nvidia’s blowout quarter. Raffi Boyadjian, lead market analyst at Trading Point, noted that “tangible results” from AI monetization are now the bar for further gains in the sector. (Reuters)
AMD is pushing deeper into long-term customer commitments, moving past the standard single chip cycle. The company announced a new multi-year, multi-generation deal with Meta that could see up to 6 gigawatts of AMD Instinct GPUs deployed. First deliveries are targeted for the back half of 2026 and will incorporate a custom MI450-based GPU, EPYC “Venice” CPUs, and AMD’s Helios rack-scale system. Mark Zuckerberg at Meta described the move as a way to “diversify our compute.” AMD CEO Lisa Su, for her part, said the partnership places AMD “at the center” of a significant AI expansion. (AMD)
Traders are puzzling over the deal’s structure. “Locking in supply” and seeking vendor diversity is part of Meta’s playbook, noted Matt Britzman, senior equity analyst at Hargreaves Lansdown. But, in his view, the stake aspect “suggests it could be struggling to generate organic demand.” Dan Coatsworth, head of markets at AJ Bell, flagged the return of circular transactions, calling it “something else to worry about” for investors. (Reuters)
Meta’s equity kicker comes into focus in a regulatory filing, laying out AMD’s warrant for as many as 160 million shares. The deal vests in stages tied to Meta’s purchases of Instinct GPUs—beginning only after an initial 1 gigawatt-equivalent in shipments, and fully vesting once Meta hits 6 gigawatts. Each tranche also demands rising stock-price hurdles, topping out at $600 per share for the last slice. Warrants let holders buy stock in the future, but there’s a catch: dilution. More shares hitting the market can cut into what existing shareholders own. (Advanced Micro Devices, Inc.)
AMD rolled out another move late Wednesday, revealing a $150 million investment in Nutanix stock at $36.26 a share, plus up to $100 million earmarked for joint engineering and go-to-market efforts alongside the software company. Dan McNamara of AMD pointed to rising demand among enterprise clients for the flexibility to operate major models “without compromise.” Tarkan Maner from Nutanix called the collaboration a way to bring “production-ready” AI infrastructure to hybrid setups. (AMD)
Nvidia continues to dictate the pace for AI-chip names. It posted a 94% jump in January-quarter revenue, hitting $68.13 billion, and now expects around $78 billion for the current quarter. Shares barely budged after hours, though—investors zeroed in on questions about boosting cash returns. The company also pointed to stiffer competition, mentioning AMD and the custom chip projects at its biggest clients. (Reuters)
Thursday’s open and the weekend setup could get fresh direction from macro data. The U.S. Labor Department drops January’s producer price index on Friday at 8:30 a.m. ET. That PPI read is another input for inflation watchers—and for anyone tracking how rate bets shake out, especially in long-duration growth names. (Bureau of Labor Statistics)
AMD’s loftiest AI revenue forecasts still face a long wait before they turn into actual shipments and margins. That timeline works both ways—disappointment can land just as easily as upside. If hyperscalers start pulling back on spending, or if equity-linked incentives start looking like the rule instead of a one-off, the stock could take a hit, even with splashy announcements about new capacity deals.
AMD heads to the Morgan Stanley Technology, Media & Telecom Conference on March 3, with CTO Mark Papermaster set to take the stage. Investors are watching for any specifics on Helios deployments, MI450 rollout plans, and just how soon that Meta ramp might start hitting the top and bottom line. (Advanced Micro Devices, Inc.)
