State of Michigan Retirement System 13F: Cuts AMD Stake by $32M
Key Points
- The State of Michigan Retirement System reduced its AMD position by 53,000 shares, valued at about $45.1 million, in a filing on October 27, 2026.
- State of Michigan Retirement System held 737,453 $AMD shares at quarter end, down 6.71% from the prior quarter.
- AMD shares recently traded at $560.45, which is about equal to the closing price of $560.26 on the filing date.
- The fund now holds 4.1% of its total portfolio in AMD, ranking it 9th among its 966 reported positions.
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The State of Michigan Retirement System trimmed its holdings in Advanced Micro Devices, Inc. (AMD) by 53,000 shares, bringing its total to 737,453 shares. This reduction is valued at approximately $45.1 million, according to the fund's latest Form 13F filing with the SEC on October 27, 2026.
AMD
Advanced Micro Devices, Inc.
Where AMD Fits in State of Michigan Retirement System's Portfolio
The AMD position now represents 4.1% of the State of Michigan Retirement System's total reported value of about $11 billion, ranking 9th out of its 966 holdings.
Other Institutional Activity in AMD
On the same day, Asset Management One increased its AMD stake by 13,516 shares, bringing its total to 775,725 shares worth about $474.6 million. This highlights ongoing interest in AMD among institutional investors despite the State of Michigan’s recent reduction.
Advanced Micro Devices, Inc. Stock Up 8.4%
As of October 27, 2026, AMD shares were trading around $560.45, which is about equal to the closing price of $560.26 on that date. The stock is currently above its 50-day moving average by 3.3% and well above its 52-week low of $188.22, but it remains about 14.9% below its 52-week high of $658.52.
Recent Earnings
AMD reported trailing twelve-month revenue of approximately $41.3 billion and earnings per share (EPS) of $3.92. The next earnings report is scheduled for November 3, 2026, which investors will be watching closely.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
21 analysts raised price targets.
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EPS & revenue
EPS beat estimates by 4.8%. Revenue beat estimates by 2.6%.
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Profit surprise
EBITDA missed by 4 percent. Operating income missed by 32 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
3 upgrades, 2 downgrades, 21 target raises.
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Earnings quality
Gross margin up 2.6 points. Operating margin up 3.6 points. Positive free cash flow.
Earnings Call Summary
AMD reported outstanding first quarter results with $10.3 billion in revenue, up 38 percent year over year. Data center revenue surged 57 percent driven by strong demand for EPYC server CPUs and Instinct GPUs. Management emphasized that Agentic AI and inference workloads are driving substantially higher CPU demand than expected, requiring more compute than prior models. Free cash flow nearly tripled to $2.6 billion, and operating margin expanded to 25 percent, showing strong operational leverage as the business scales into AI infrastructure.
Guidance AMD guided next quarter revenue to about $11.2 billion, up 46 percent year over year. Management raised full year data center CPU growth forecast to over 70 percent, driven by strong Agentic AI demand. They also raised the long-term server CPU market size forecast to over $120 billion by 2030, from $60 billion announced in November.
Slightly positive report. The quarter was acceptable, but the forward setup is not strong.
Analysts Set New Price Targets
Several analysts have maintained their ratings for AMD. On October 5, 2026, Stifel maintained a Buy rating with a price target of $700, while Citigroup also maintained a Buy rating with a target of $800 on October 6, 2026. The consensus among analysts is a strong Buy, with a mean price target of $637.61.
About Advanced Micro Devices, Inc.
Advanced Micro Devices, Inc. operates as a semiconductor company, focusing on data center, client and gaming, and embedded segments. The company is headquartered in Santa Clara, California, and is led by CEO Dr. Lisa T. Su. The recent filing by the State of Michigan Retirement System reflects ongoing portfolio adjustments amid a dynamic market for semiconductor stocks.
Bottom Line
Investors should keep an eye on AMD's upcoming earnings report on November 3, 2026, for further insights into the company’s performance. The State of Michigan Retirement System's recent trim of its AMD stake suggests a cautious approach, but the overall institutional interest in AMD remains strong.
Related Filing Alerts
Source: State of Michigan Retirement System's 13F filing on $AMD (Oct 27, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts