Why AMD, AVGO are outperforming Nvidia after Big Tech earnings

As the dust settles from a high-stakes week of “Magnificent Seven” earnings, a subtle shift is occurring under the hood of the semiconductor sector.

While Nvidia remains the undisputed monarch of the AI era, its stock faced a rare moment of cooling as investors digested a gargantuan spending outlook from Microsoft, Alphabet, Meta, and Amazon.

In a surprise twist on April 30^th, Advanced Micro Devices (AMD) and Broadcom shares pushed higher by about 3%, somewhat decoupling from the broader index.

This price action suggests that Wall Street is no longer just betting on the “engine” of AI – but on the infrastructure and alternatives that make it sustainable.

AMD stock: capturing the spillover demand

The primary catalyst for Advanced Micro Devices outperforming its larger rival today lies in the sheer scale of Big Tech’s capital expenditure.

With the “Big Four” collectively raising their 2026 capex forecast by another $15 billion this week, the market is realizing that Nvidia…