AMD Dips 6.9% to $541 Despite 150% YTD AI-Driven Rally

As of July 1 2026 AMD shares fell 6.9% to $540.88 after OpenAI IPO-delay reports and persistent valuation concerns, yet remain up 150% year-to-date. The rally was fueled by Q1 data-center revenue jumping 57% to $5.8 billion, multi-year MI450 GPU commitments from OpenAI and Meta, and management lifting its server CPU TAM outlook to $120 billion by 2030. Despite the pullback, AMD trades at roughly 71-80x forward earnings as investors weigh strong AI infrastructure demand against elevated multiples versus Nvidia.