AMD Surges 18% Pre-Market on Q1 Earnings Beat After HSBC Downgrade

AMD shares surged about 18% in pre-market trading on May 6 after Q1 revenue hit $10.25 billion, beating estimates by $360 million with data center sales up 57% year-over-year. The rally reversed a 6% intraday drop to near $340 on May 4, triggered by HSBC's downgrade to Hold from Buy, $340 price target, and cuts to 2026 AI GPU forecasts to $14.6 billion from $18.5 billion (below $15.2 billion consensus) due to TSMC 3nm constraints through mid-2027. Goldman Sachs' upgrade to Buy from Neutral highlighted shifting analyst sentiment ahead of the strong print.