Shares of Advanced Micro Devices climbed more than 5% Tuesday morning, trading at $509.31 as of 9:38 a.m. Eastern time, ahead of its second-quarter 2026 results due Tuesday afternoon. Analysts expect revenue of roughly $11.28 billion to $11.3 billion, up from $7.68 billion a year earlier, representing year-over-year growth of about 46% to 47%. Consensus estimates call for adjusted earnings per share of $1.55 to $1.62, compared with 48 cents in the year-ago period, reflecting growth of more than 235%. AMD guided toward second-quarter revenue of $11.2 billion, plus or minus $300 million, and has topped revenue estimates in past quarters with an average earnings surprise of roughly 6.5%, according to Zacks Investment Research. The stock has surged more than 120% year-to-date and climbed roughly 194% over the past 12 months, but has pulled back from its 52-week high of $584.73, falling as much as 27.7% from its June peak. The Philadelphia Semiconductor Index climbed more than 100% over the trailing 12 months before dropping roughly 20% in recent weeks. Analysts are focusing on AMD's AI accelerator business, including MI350 chip shipments and customer orders for its Helios rack-scale AI systems, which will begin shipping to customers, including Microsoft, in the second half of this year