Three Key Chip Stock Earnings Reports to Watch This Week

Huo Xing Finance reports: On August 4, key earnings reports from U.S. semiconductor stocks are set to be released this week. AMD will announce its second-quarter results after market close on Tuesday, August 4 (Eastern Time). SanDisk and Western Digital will release their fiscal fourth-quarter and full-year results after market close on Wednesday, August 5 (Eastern Time). The significance of these three earnings reports extends beyond individual company performance. After a sharp decline in AI hardware stocks in July, the market is now seeking evidence of whether semiconductor stocks are recovering. Last week, earnings reports from cloud providers such as Microsoft and Amazon eased concerns over the return on AI capital expenditures, while strong performances from memory players like Samsung and Micron reignited sector sentiment. During last Thursday’s rebound, Micron surged 18%, SanDisk rose 26%, and Lam Research gained 18%, with semiconductor stocks helping to drive broader market recovery. AMD represents the first major test. The market is currently focused on two growth drivers for AMD: EPYC server CPUs and AI accelerators. Analysts expect AMD’s Q2 revenue to be approximately $11.3 billion, with data center revenue around $6.5 billion—including roughly $4 billion from server chips and $2.5 billion from AI-related sales. Adjusted EPS is forecast at about $1.62. According to Investopedia, citing Visible Alpha data, market expectations are for Q2 revenue of $11.34 billion, up 48% year-over-year, and adjusted EPS of $1.61—more than triple the year-ago figure. The real focus of AMD’s earnings will be on guidance. Jefferies analyst Blayne Curtis is bullish on AMD’s next-generation Venice server CPU and the Helios rack-scale AI system based on the MI450 GPU. Customers such as OpenAI, Meta, Microsoft, and Anthropic are already viewed as potential sources of demand for Helios, with initial shipments possibly beginning in Q3; however, meaningful revenue contributions are expected only from Q4 onward. Options markets are pricing in significant volatility: Investopedia notes that traders are betting on a potential 10% swing in AMD’s stock price following the earnings release. This means that merely meeting consensus estimates may not be enough—the market needs to see upward revisions in AI GPU orders, customer adoption progress, and Q3 guidance. SanDisk is a high-beta indicator of memory sector sentiment. The company will release its fiscal Q4 results after market close on August 5 and hold its Investor Day on August 13. Benzinga data shows Wall Street expects SanDisk’s Q4 EPS at $33.38 and revenue at $8.24 billion; the company previously provided guidance of $7.75–$8.25 billion in revenue and $30–$33 in EPS. This implies that market expectations have already reached or slightly exceeded the upper end of company guidance. This sets a high bar for SanDisk’s earnings. Zacks notes that SanDisk has exceeded EPS estimates by an average of 68.29% over the past two quarters; its current Earnings ESP is +4.13%, and Zacks maintains a #1 Strong Buy rating, suggesting analysts still believe the company has room to beat expectations. However, elevated expectations also mean higher volatility. Although SanDisk remains in a long-term uptrend, it has recently pulled back from highs, signaling weakening technical momentum. The market will closely monitor NAND prices, enterprise SSD demand, gross margins, and whether the August 13 Investor Day provides a stronger long-term growth framework. Western Digital’s story differs slightly—it serves more as a steady validation of AI data center storage demand. Benzinga data shows consensus estimates for Western Digital’s Q4 at $3.27 EPS and $3.69 billion in revenue; Zacks previously forecast $3.34 EPS and $3.7 billion in revenue, representing year-over-year growth of approximately **101%** and 42%, respectively. In its Q3 report released in April, Western Digital provided Q4 guidance of $3.65 billion in revenue (±$100 million), non-GAAP gross margin of 51%–52%, and EPS of $3.25 (±$0.15). Western Digital’s key focus lies in high-capacity HDDs and cloud data center demand. Management emphasized in its Q3 earnings call that AI training, inference, Agentic AI, and Physical AI all generate data requiring long-term storage—forming the foundation for HDD demand. If Western Digital continues to demonstrate revenue growth, margin expansion, and strong free cash flow in Q4, the market will view this as evidence that AI-driven storage demand is still expanding. Overall, AMD’s earnings will answer: “Can AI compute orders still be raised?” SanDisk’s report will address: “Can NAND/Flash price increases and enterprise SSD demand sustain high valuations?” Western Digital’s results will reveal: “Can AI data center storage demand reliably translate into improved profitability?” If all three reports hold steady, this semiconductor rebound will appear more like a fundamental recovery; but if any one company issues conservative guidance, the valuation sell-off from July could quickly return.