AMD and Arista post strong earnings… Cramer expresses expectations for tech stock recovery

Advanced Micro Devices and Arista Networks reported strong quarterly results after the U.S. market close on November 3, prompting CNBC's Jim Cramer to say he hopes tech stocks outside the Magnificent Seven will lead the market. Cramer argued that tech is trying to hold up, but not through the mega-caps—Nvidia, Microsoft, Alphabet and Meta—that drove prior years' gains, while Broadcom and Micron rallies supported major indexes that session. He flagged opposition to data-center construction and the Iran war as risks to a tech recovery. The results matter as a test of whether AI infrastructure demand is broadening beyond Nvidia and the largest platforms to chip and networking suppliers. Watch whether AMD and Arista's post-earnings moves hold and whether data-center buildout disputes escalate.