AI Markets: AMD, Nvidia chips in China, Anthropic’s filing

AMD is targeting $17 billion in sales at the end of 2026 on the back of AI chips. Meanwhile, Washington is tightening the screws on China, and Anthropic’s filing reveals its first margins.

AMD: a record quarter powered by AI chips, with $17 billion in sight for late 2026

On November 3, AMD posted results that beat its own guidance. The engine: data centers, where revenue nearly doubled year over year. The company expects growth to accelerate further in the fourth quarter.

Key points:

  • Q3 revenue: $13.38 billion (+45% year over year), versus roughly $13.1 billion expected by analysts.
  • Data centers: $8.55 billion (+97% year over year, +27% quarter over quarter).
  • Q4 guidance: about $17 billion, plus or minus 3%, above the $16.2 billion consensus cited by CNBC.
  • The stock gained about 8% in extended trading, after three days of declines.

What’s driving sales

AMD credits the jump to its EPYC server processors and the launch of its Instinct MI450 AI chips. These chips are sold in complete racks called Helios. According to the press release, Anthropic, Meta, Microsoft, OpenAI and Oracle Cloud are already running on the first Helios racks.

On the flip side, the client and gaming segment is shrinking: $3.72 billion in total, with gaming down 40% year over year to $773 million.

AMD CEO Lisa Su says she has secured the wafers, packaging and memory for “much stronger” growth in 2027. She expects server revenue to double year over year in 2027, according to CNBC. That’s a company forecast, not a fact.

What investors should watch

The 56% adjusted gross margin is solid, but the 55% guidance for Q4 is slightly below the analyst average (55.3%, according to CNBC).

GAAP earnings are also weighed down by one particular line item: a $1.1 billion change in the value of warrants issued to certain customers. The press release doesn’t name those customers. French financial media link it to the deals with OpenAI and Meta, which the documents we reviewed don’t confirm. It has no cash impact, but it depends on the share price.

For European savers: AMD is a US stock, not directly eligible for a PEA. You can find it in ETFs that track US tech indexes.

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China and AI chips: Washington tightens its grip on rented compute

Two press reports from November 4 point to the same thing. China’s tech giants want a lot of Nvidia chips. They’re likely to get very few, and the option of renting compute abroad is closing too. These reports come from anonymous sources and have not been confirmed.

Key points:

  • According to Bloomberg, Alibaba, Tencent, ByteDance and others reportedly ordered about 6 million RTX Pro 5500 cards, worth $70 billion.
  • They reportedly expect to receive only “a few tens of thousands,” roughly 1%, within four months.
  • According to the Financial Times, Oracle canceled a $7 billion chip leasing contract with Tencent.
  • The FT also says Nvidia requires its cloud customers to sell at least 51% of their capacity to non-Chinese companies.

Giant orders, tiny deliveries

In late September, the press reported that Beijing was preparing to let Alibaba and ByteDance buy the RTX Pro 5500. The orders now have a price tag. But the text carried by Yahoo Finance is fuzzy: “ten thousand chips” is not 1% of 6 million. So there’s not enough to say whether the 1% refers to units or value. We’re waiting for Bloomberg’s original story.

The same source ties the low volume to Nvidia’s already strained production capacity. In other words: Chinese demand is there, but supply and the rules limit what actually ships.

Leasing, the new front line

According to the FT, Oracle signed a five-year lease in 2026 giving Tencent access to up to 100,000 advanced chips in Southeast Asian data centers. The contract was canceled after US officials raised concerns with Oracle, according to two sources. Tencent was also reportedly urged by Beijing to look for Chinese chips.

Why it matters: renting compute outside China was a way around the ban on direct purchases. If that door closes, demand shifts to domestic chips, like Huawei’s.

None of the companies mentioned commented in the articles we reviewed. For European investors, these are US or Hong Kong stocks, outside the PEA.

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Anthropic: what the IPO filing says about margins and customers

Anthropic’s IPO filing (ticker ANT, Nasdaq) finally offers profitability numbers. They tell a story of very fast growth, with still little GAAP profit.

Key points:

  • Q3 revenue: nearly $17 billion, up 45% from Q2, according to Finimize.
  • Adjusted operating margin of 10% in the first half of 2026, but -4% under GAAP.
  • About $132 billion in cash and investments before the IPO.
  • No Korean broker is expected to be in the underwriting syndicate.

Profitability and customers

According to Finimize, which read the filing, the adjusted operating margin hit 10% in the first half, and Anthropic told investors it was targeting 11% in Q3 excluding stock-based compensation. Under standard accounting, the margin remains at -4%. The filing doesn’t give a gross margin in the excerpts we were able to read.

On the customer side, 79% of Q3 revenue came from customers outside the top 5, versus 64% in Q1. But about 20% comes from just two customers. That kind of concentration is a classic risk for young AI champions.

Cash matters too: $112 billion in cash at the end of June plus $19 billion in short-term investments. A raise of nearly $100 billion would come on top of that. These calculations are Finimize’s, not the company’s.

Access for retail investors

A useful reminder for savers: a US stock listed on the Nasdaq is not eligible for a PEA. Access goes through a standard brokerage account or through ETFs, if fund managers add it after the listing.

The Korea Herald reports that no Korean broker is expected to join the syndicate. The SpaceX episode explains why: Mirae Asset Securities was expecting about 2.31 million shares, Goldman Sachs allocated it none, and Mirae refunded all deposits. Allocations depend on the lead banks. So joining a syndicate doesn’t guarantee getting shares.

The target valuation is reportedly about $2 trillion, according to the press. The price and range have not been set. Finimize considers that target higher than its own base case (about $1.2 trillion), an analyst’s opinion.

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Tokenized stocks: Tesla, SpaceX and Amazon join the objections

The OKX-ICE plan to trade “tokenized” US stocks around the clock is running into a wall of issuers. As of November 2, 56 companies had declared their opposition, including Tesla, SpaceX and Amazon.

Key points:

  • 56 objections as of November 2, up from 50 in the October 30 update, according to CoinDesk.
  • Of the 62 companies initially selected, 49 (about 79%) objected, plus 7 outside the selection.
  • Added on November 2: Amazon, Tesla, SpaceX, Netflix, SoFi and Lam Research.
  • No launch date has been announced.

How it works

A tokenized stock is a digital version of a security that can be traded on an online platform. OKXICE, a joint venture between OKX and ICE (the parent company of the NYSE), notified 62 companies, then a 63rd. Each has 30 days to refuse to be listed. The deadline for the October 4 notices fell on November 3. Platforms have up to five business days to publish refusals, so the list could still grow.

A refusal only blocks listing on this particular platform. It doesn’t stop other players from offering similar products.

What we don’t know

CoinDesk reports no reason given by Tesla, SpaceX or the others. The only general explanation: issuers are unsure whether these markets will attract new investors and what trading outside the usual market would do to their shares.

OKXICE co-chairman Andrew Cuomo said many companies wanted to see how the market works first. He gave neither a launch date nor the number of stocks at launch. The SEC did not comment in the articles we reviewed.

For a European saver, nothing is open yet, and these securities would not be eligible for a PEA.

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Edition prepared by our monitoring agent (data and sources as of Wednesday, November 4, 2026), reviewed according to our editorial policy. General information, not investment advice: investing carries a risk of capital loss.