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AI Valuation Worries Persist After AMD Earnings
Tom White
November 05, 2025
U.S. stock futures are slightly lower in premarket trading as valuation concerns around the artificial intelligence trade persisted after chipmaker Advanced Micro Devices (AMD) posted its latest quarterly results.
AMD is down 2.7% after it issued margin guidance that only met analyst expectations. The moves come after stocks sold off on Tuesday that were triggered by a fall in tech stocks led by a 9% loss in Palantir (PLTR) shares.
Investors will continue to watch earnings fallout today along with the ADP employment report and services data.
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil prices are down slightly near $60.30 a barrel as OPEC+’s decision to pause output hikes in the first quarter next year along with weak manufacturing data and a stronger dollar weighed on the market.
Gold (/GC) – Gold prices are up 0.4% near $3975 and rebounding as the dollar hit three-month highs, while traders awaited U.S. economic data for clues on the Federal Reserve’s monetary policy path.
Bitcoin (/BTC) – The Crypto Future is up about 2% near 102,900 in premarket trading.
VIX – The CBOE Volatility Index jumped over 10% on Tuesday and settled at 19 as stocks were sharply lower.
U.S. Dollar (/DX) – The dollar is flat at 100.
Biggest Premarket Movers
Symbol | Product | Mark % Change (as of 7 AM ET) |
|---|---|---|
JCI | Johnson Controls | +5.37% |
MOS | Mosaic | +5.12% |
COIN | Coinbase | +2.84% |
AXON | Axon Enterprise | -17.30% |
ANET | Arista Networks | -9.22% |
ZBH | Zimmer Biomet | -7.94% |
Economic Data
Time | Event |
|---|---|
7:00 AM ET | MBA Mortgage Applications |
8:15 AM ET | ADP Employment Report |
9:45 AM ET | PMI Composite Final |
10:00 AM ET | ISM Services Index |
10:30 AM ET | Oil Inventories |
Notable Earnings
Premarket | Postmarket | Premarket Tomorrow | Postmarket Tomorrow |
|---|---|---|---|
GOLF, AES, BG, CCJ, CNK, DIN, EMR, FIS, HUM, JCI, MCD, OC, PSN, PPL, SMG, SEDG, SONO, TBLA, TEVA, U, UP, WWW, ZBH | ALB, ALL, AMC, APA, APP, ARM, ARRY, BMBL, CF, COHR, COTY, DVN, DASH, BROS, ELF, FIG, FTNT, ULCC, HUBS, IONQ, JOBY, KVYO, LZ, LCID, LYFT, MCK, MET, PAYC, QCOM, HOOD, SNAP, TKO, ZIP | APD, ATUS, AZN, ATHM, BDX, GOOS, BLMN, CARS, COP, CMI, QBTS, DDOG, DD, H, KVUE, DNUT, MRNA, NRG, PZZA, PH, PENN, PLNT, RL, ROK, FOUR, TPR, TRIP, UAA, VST, SEAT, YETI | AMRK, AFRM, ABNB, AKAM, ACHR, XYZ, CARG, CE, CC, DKNG, DBX, EXPE, HRB, MCHP, MP, NWS, OPEN, PTON, RXT, SNDK, SOLV, SOUN, RUN, SG, TTWO, TXRH, TTD, WYNN, YELP |
Upgrades/Downgrades
Evercore ISI upgrades Yum! Brands (YUM) to Outperform from In Line
KGI Securities upgrades Super Micro (SMCI) to Outperform from Neutral
RBC Capital upgrades Mosaic (MOS) to Outperform from Sector Perform
Rosenblatt downgrades Pinterest (PINS) to Neutral from Buy
BNP Paribas Exane downgrades Fiserv (FI) to Neutral from Outperform
JPMorgan downgrades Archer Daniels Midland (ADM) to Underweight from Neutral
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