Market's Next Big Test: AMD and Palantir's Reports This Week

The market's most immediate earnings catalyst arrives in the next 24 hours: PLTR reports Q1 results after the close today (May 4), followed by AMD after the bell on May 5 . Together, the two prints represent a real-world stress test of whether AI-driven semiconductor and software spending is accelerating or plateauing after months of euphoria-priced valuations. Options markets are pricing a roughly 10% swing for Palantir; AMD is expected to deliver consensus revenue of approximately $9.88 billion, implying 33% year-over-year growth.

For AMD, the critical data point is data center revenue: the division hit a record $5.4 billion in Q4 2025, and analysts want confirmation that MI300X GPU shipments are ramping in proportion to the hyperscaler capex disclosed by Microsoft ($190B annualized), Alphabet ($75B), and others. EPYC Gen 5 server CPUs now account for more than 50% of AMD's server CPU revenue — a milestone that signals genuine competitive gains against INTC in the rack. Cathie Wood's ARK sold approximately $79.9 million in AMD shares ahead of the report, adding a contrarian note to the otherwise bullish setup.

For PLTR, the market will scrutinize US commercial revenue (consensus: ~94% YoY growth) and any update to full-year guidance as a barometer of enterprise AI budget commitment. A separate market tremor this week: reports of a combined warning from NVDA, PLTR, and AVGO around a $4.6 billion AI infrastructure headwind, though details remain thin — investors should watch for management commentary that either clarifies or dismisses the concern.

Related Stocks

• PLTR
• NVDA
• AMD