Advanced Micro Devices is trading at $477.31, down 8.6% as traders dump semiconductor names following a sharp multi-day rally and rising competitive and geopolitical worries.
- The broader chip sector is facing pressure from reports of a Chinese advanced chipmaking breakthrough and profit-taking in crowded AI trades.
- The stock is currently underperforming a softer Nasdaq, overshadowing recent positive news regarding AI design collaborations with Microsoft and Synopsys.