Why Is Advanced Micro (AMD) Down 5.2% Since Last Earnings Report?

Advanced Micro Devices (AMD) shares fell 5.2% since its last earnings report, underperforming the S&P 500. Despite posting strong Q2 2026 earnings—non-GAAP earnings of $1.66 per share, up 246% year-over-year—the stock remained weak.

Why it matters: The decline is attributed to heavy R&D investment in AI silicon, systems, and software, along with mixed segment performance where client revenue rose but gaming revenue fell.