---
title: "AMD jumps about 13% on Google's secure TPU deal, a contract neither company priced"
description: "Google built TPUs to avoid buying Nvidia accelerators, moved them onto its own CPUs in April, then bought AMD's processors back for the one layer it left out: confidential computing. AMD jumped about 13% on a deal neither company priced, while Nvidia slid on a separate probe of its CEO."
publisher: "The Inference"
section: "Chips"
published: 2026-11-09T23:09:31.541Z
modified: 2026-11-09T23:09:31.541Z
canonical: https://theinference.org/article/amd-jumps-about-13-on-google-s-secure-tpu-deal-a-contract-neither-company-priced
language: en
keywords: "AMD, Google, Nvidia, TPUs, Stock Moves"
---

# AMD jumps about 13% on Google's secure TPU deal, a contract neither company priced

> Google built TPUs to avoid buying Nvidia accelerators, moved them onto its own CPUs in April, then bought AMD's processors back for the one layer it left out: confidential computing. AMD jumped about 13% on a deal neither company priced, while Nvidia slid on a separate probe of its CEO.

## A TPU built for secrets, hosted by AMD

Google designs its tensor processing units, the AI chips it built to avoid buying [Nvidia](https://theinference.org/markets/companies/nvidia)'s by the rack. Its newest system still needed someone else's processor. The TPU 8tx, one of [two additions to Google's eighth-generation TPU line announced Monday](https://cloud.google.com/blog/topics/ai-infrastructure/tpu-8tx-and-tpu-8i-max), reuses the training-grade 8t silicon but is paired with fifth-generation [AMD](https://theinference.org/markets/companies/amd) EPYC server processors, which keep data and model weights isolated even while a model is actively using them [1][2]. It is the first cloud TPU with hardware-based confidential computing, built for banks, governments and other regulated buyers [3][1].

![A Google TPU v4 accelerator board with four liquid-cooled chip packages](https://storage.googleapis.com/theinference-public/img/02510f07117aeeff.png)

*Google's TPU v4 board, from an earlier generation of the same line. The new 8tx is the first cloud TPU with hardware-based confidential computing. (Norman P. Jouppi et al., Google, via arXiv)*

## A 13% day for a deal with no price tag

AMD rose about 13% and [Alphabet](https://theinference.org/markets/companies/alphabet) added 3.16% to $293.77 [4][5]. Oppenheimer upgraded AMD to Outperform with a $600 target the same morning, a call the firm tied to [last week's results](https://theinference.org/article/amd-guided-q4-to-17-billion-as-data-center-sales-nearly-doubled-and-4-7-billion-of-debt-funds-the-ramp) rather than to Google [4]. Neither company disclosed the agreement's value, expected volumes, pricing or regions [6][5], and Google says the systems become available in 2027 [7].

Nvidia fell 4.27% to close at $178.67 on its own trouble: [an independent board investigation, opened Sunday](https://www.cnbc.com/2026/11/09/jensen-huang-affair-nvidia-succession.html), into reports that chief executive [Jensen Huang](https://theinference.org/markets/people/jensen-huang) was targeted by a foreign intelligence operation [8][9]. Huang apologized to staff for an affair, and the board said it had no reason to believe national security or Nvidia secrets were compromised [8][9].

*Chart: **The deal day: AMD up about 13%, Nvidia down 4.3%, Alphabet up 3.2%** Column chart of one-day stock moves on 9 November 2026: AMD up about 13%, Alphabet up 3.16%, Nvidia down 4.27%*

*One-day moves on 9 November 2026: AMD rose about 13%; Alphabet added 3.16% to close at $293.77; Nvidia fell 4.27% to close at $178.67. [3][4][5][8]*

## April's Axion switch, partly reversed

Google introduced the flagship 8t and 8i at its Cloud Next conference in April, running on its in-house Axion CPUs in place of the x86 processors of earlier generations [1][7]. The 8tx puts x86 back in the box [6][3]. AMD says more than 10 hyperscalers and AI labs already run EPYC hosts beside Nvidia GPUs, AMD Instinct accelerators and custom silicon, so it collects whichever accelerator wins [6][3]. Why Axion did not get this slot, neither company says.

## The December guide carries the valuation

AMD's [third-quarter revenue](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000002488) was $13.4 billion, up 45% year on year, with data center at $8.5 billion, up 97%, about 64% of the total [4]. Guidance for the December quarter is about $17 billion, plus or minus 3%, at roughly 55% non-GAAP gross margin [4].

Bloomberg Intelligence estimates [Google's TPU-related sales](https://theinference.org/article/google-sells-tpus-into-oracle-s-cloud-for-the-first-time-as-oracle-s-90-billion-chip-plan-still-hedges-nvidia) could grow from $12 billion this year to more than $135 billion by 2028, but most new TPU systems run Axion hosts, so most of that growth is not AMD's [7]. GuruFocus's valuation model already put Monday's price about 56% above its estimate of fair value [4].

*Chart: **AMD's December guide of about $17B would be its biggest quarter by far** Column chart of AMD quarterly revenue from Q4 2024 through Q3 2026 reported quarters, with the December 2026 quarter shown as guidance of about 17 billion dollars, the tallest bar*

*Reported quarters from AMD's SEC filings; the December 2026 quarter is company guidance of about $17 billion, plus or minus 3%. [4][10]*

## Two bars: a $17 billion quarter, then 2027 customer names

The rally has to clear two bars: roughly $17 billion of December-quarter revenue with data center above 60% of sales [4], and 8tx availability dates and named customers in 2027, the first read on whether regulated buyers pay for confidential computing [5][7]. Google designed the chip, the network and the rack, then bought the lock from AMD [1].

## Takeaway

Google's newest secure TPU puts AMD EPYC back in the rack in a deal with no disclosed terms; the rally now rides on a $17 billion December guide and 2027 customer names.

## Sources

1. [Google Cloud Blog, "Our newest TPUs: 8tx and 8i Max, built for the agentic era", 9 November 2026](https://cloud.google.com/blog/topics/ai-infrastructure/tpu-8tx-and-tpu-8i-max)
2. [SiliconANGLE, "Google advances agentic AI custom silicon expanding TPU family with 8tx and 8i Max", 9 November 2026](https://siliconangle.com/2026/11/09/google-advances-agentic-ai-custom-silicon-expanding-tpu-family-with-8tx-and-8i-max/)
3. [GuruFocus via Yahoo Finance, "AMD Stock Jumps as Google Taps Its Chips for a New AI System", 9 November 2026](https://finance.yahoo.com/technology/ai/articles/amd-stock-jumps-google-taps-170151144.html)
4. [GuruFocus via Yahoo Finance, "AMD Stocks Jump 9.50% After Oppenheimer Upgrade Sets $600 Target", 9 November 2026](https://finance.yahoo.com/markets/stocks/articles/amd-stocks-jump-9-50-174557188.html)
5. [GuruFocus via Yahoo Finance, "Alphabet Stocks Rise 3.16% as Google Unveils Two New TPU Systems", 9 November 2026](https://finance.yahoo.com/technology/ai/articles/alphabet-stocks-rise-3-16-175806057.html)
6. [GuruFocus via Yahoo Finance, "Google Hands AMD Major Win in AI Chip Race", 9 November 2026](https://finance.yahoo.com/technology/ai/articles/google-hands-amd-major-win-165949443.html)
7. [Benzinga via Yahoo Finance, "AMD Lands Key Role in Google's New AI Chip System as Nvidia Rivalry Intensifies", 9 November 2026](https://finance.yahoo.com/technology/ai/articles/amd-lands-key-role-googles-191648789.html)
8. [CNBC, "Jensen Huang affair puts Nvidia's future at risk, with no clear successor to the renowned CEO", 9 November 2026](https://www.cnbc.com/2026/11/09/jensen-huang-affair-nvidia-succession.html)
9. [Decrypt, "Nvidia Board Investigates Jensen Huang After Report He Was Target of Chinese Spy Effort", 9 November 2026](https://decrypt.co/382793/nvidia-board-investigates-jensen-huang-after-report-he-was-target-of-chinese-spy-effort)
10. [AMD quarterly figures from its SEC filings, retrieved 9 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000002488)


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AMD jumps about 13% on Google's secure TPU deal, a contract neither company priced — The Inference. Canonical: https://theinference.org/article/amd-jumps-about-13-on-google-s-secure-tpu-deal-a-contract-neither-company-priced