Advanced Micro Devices reports second-quarter results after the market closes today, with investors looking for evidence that the chipmaker can maintain the momentum that has lifted its shares about 45% in 2025—well ahead of larger rival Nvidia’s 33% gain. The figures will be the first since a May warning that margins could tighten as spending on new artificial-intelligence hardware ramps up. Analysts surveyed by Visible Alpha expect revenue of roughly $7.42-$7.43 billion, a year-on-year increase of about 27%, while adjusted earnings per share are seen falling to $0.40-$0.48, nearly 30% below a year earlier as heavier investment offsets sales growth. Meeting those targets may not satisfy the market, given the stock’s strong run and heightened expectations for AI-related demand. Derivatives pricing underscores the elevated anticipation: a weekly $170 straddle on AMD implies an 8% swing after results, with bullish contracts outnumbering bearish ones by roughly 1.5 to 1. Super Micro Computer, another beneficiary of AI-infrastructure spending, faces an even larger implied move of 14% when it reports later in the day. The earnings come as the U.S. semiconductor industry rebounds from its 2023 downturn and capital expenditures by cloud providers swell. Nvidia, which remains the dominant supplier of AI accelerators, reported fiscal-year revenue of $130.5 billion—more than Intel, Broadcom and AMD combined—and stands to add an estimated $15 billion in sales after Washington reversed export curbs on its H20 chips for China. Investors will watch AMD’s guidance for clues on whether it can secure a larger share of the fast-growing market.