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AMD shares fall 4% to lead selloff in chip stocks
$Advanced Micro Devices (AMD.US)$ shares were down more than 4%, Wednesday, and investors appeared to be taking profits from the chipmaker in the wake of its big $Meta Platforms (FB.US)$ technology deal earlier this week.
Along with AMD, several other leading chip stocks in the S&P 500 (SP500) were also in the red, with $Qualcomm (QCOM.US)$ down 2.5%, $NVIDIA (NVDA.US)$ off by 2.2%, and $Micron Technology (MU.US)$ and $Texas Instruments (TXN.US)$ each down by 1.6%. At least part of the decline was being placed on broader concerns about steps that the Federal Reserve may have to take to rein in inflation.
There had been plenty to stoke investors' enthusiasm for AMD Monday, when the company said it reached a deal to have its Epyc processors power a slate of new Facebook (FB) data centers. The deal was seen as a big win for AMD as it puts the chipmaker in a prime position to benefit from $Meta Platforms (FB.US)$ plans for huge investments around its Metaverse strategy.
Several Wall Street analysts raised their price targets on AMD after the company's new Facebook (FB) deal became public, including Aaron Rakers, of Wells Fargo, who took his target price up to $180 a share from $145, and Toshiya Hari, of Goldman Sachs, who lifted his price target on AMD to $170 a share from $137.
AMD also said it remains on track to complete its $35 billion purchase of programmable logic chipmaker $Xilinx (XLNX.US)$ by the end of the year.
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Teddy Willson : AMD run from $100 (10/04) too $155 (11/09), half the rise of $55 is $127.5, 10% rise is 5.50, 40/60 range is $122/$133. AMD stays above $135 it retests the $155 high. AMD drops below $120 it returns to previous trading range of $100-$110. On the run up AMD had a small consolidation at $120-$122 which is exactly on the 60% line. Time to get the popcorn and watch the show!
James Browny : If you want to play an upcoming earnings call with a high potential for growth and chance to beat, in the semiconductors industry, look up ASYS.
Stitch-fu : Forget AMD, buy QCOM. For basically the same market cap you get:
1.) Quadruple the earnings.
2.) Double the revenue.
3.) Similar growth rates, if not better as 5G and IoT ramp.
4.) A dividend! (Bwahaha)
Z9Gwqc14JU : A sell off after such a monstrous run up. Demand for AMD products is still going strong.
ouySFiuuNu : Healthy correction at this stage for sure and absolutely deserved after that excessive rally
IWsnAFZDHM : I am not worried; long AMD since $13 !!
rvsESOg2h3 : Everything’s dumping
Ft7foG07XE : Just an opportunity to buy more.
Jack TZJ : Hi
hard working : After the run up who can be surprised, long QCOM and others.