As artificial intelligence (AI) hyperscalers race to build data centers, Advanced Micro Devices (NASDAQ: AMD) is swiftly emerging as a formidable competitor to GPU powerhouse Nvidia. As of this writing (Oct. 28), AMD stock has skyrocketed 164% in 2026, handily outpacing both the S&P 500 and Nasdaq Composite, which have gained 12.9% and 13.8%, respectively. The company is scheduled to report third-quarter earnings on Nov. 3. Considering shares have already enjoyed a sizable rally, should investors buy AMD stock before the upcoming announcement, or has Wall Street gotten ahead of itself? Let's take a closer look.
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