AMD, Intel and NVIDIA All Rally as Super Micro’s Blowout Numbers Reignite the AI Trade

On August 12, Advanced Micro Devices (AMD), Intel, and NVIDIA all saw their stocks rise after Super Micro Computer Inc.'s (SMCI) strong earnings report reignited interest in the AI trade. AMD stock increased by 1.8% to $483, Intel rose by 3.3% to $101, and NVIDIA gained 3% to $224. This rally was driven by Super Micro's impressive results, which reinforced the demand for AI infrastructure.

Super Micro reported a non-GAAP earnings per share of $1.70, a 139% increase from analysts' projections of $0.71. While revenue fell slightly short of expectations at $11.12 billion, the company's order book grew by more than $60 billion, up over 50% compared to $39 billion reported just six weeks prior. The company's non-GAAP gross margin also improved to 17.6%, more than double previous forecasts.

NVIDIA, whose GPUs are used in the servers SMCI builds, saw the order surge as an indicator of strong demand for its chips ahead of its own second-quarter report. AMD, which has been securing major GPU deployment orders including contracts for up to 2 gigawatts of its MI450 accelerators for Anthropic, also benefited from the rally.

Intel's stock rose as well, as the company may gain from its role as a key CPU supplier to AI server systems. However, the rally's sustainability depends on NVIDIA's upcoming report, as a slowdown in AI infrastructure demand or a slower Blackwell-generation ramp could reverse gains for all three companies.