AMD's 74% April Surge Dwarfs Nvidia 5x, Sparks Frenzy Ahead of May 5 Earnings

AMD shares, rebounding to $337 on April 29, have surged 74.3% in April—five times Nvidia's 14.4%—drawing intense investor focus on May 1 ahead of May 5 Q1 earnings. The rally ignited after Intel's April 23-24 Q1 beat propelled AMD to a $347 record high and $498B market cap, fueled by upgrades like DA Davidson's $375 PT and Stifel's $320. A brief April 28 dip to ~$321 on OpenAI shortfalls reversed via Susquehanna's $375 PT hike and Big Tech's $15B 2026 capex boost favoring MI300X. Consensus forecasts Q1 EPS $1.30 (+35% YoY), revenue $9.84B (+32% YoY), Data Center $5.57B (+52% YoY).