On June 23, Advanced Micro Devices (AMD) declined 6.24% in pre-market trading, trading at $515.8/share, with turnover of approximately $46.34 million. The decline comes amid a broad semiconductor sector selloff, with the Philadelphia Semiconductor Index having recently experienced sharp losses.
The semiconductor sector has been under sustained pressure following a sharp reversal earlier this month, when chip stocks collectively pulled back after a brief rally. The sector-wide weakness was compounded by macroeconomic shifts including the US-Iran peace agreement and the anticipated reopening of the Strait of Hormuz, which triggered significant risk repositioning across technology sectors. The Philadelphia Semiconductor Index previously fell 5.71% in a single session, erasing all prior-day gains, with peers including Intel, Marvell Technology, and Micron Technology all posting steep declines.
Within the Semiconductors sector where AMD belongs, sector weakness remains pronounced. Among individual stocks, Micron Technology down 9.24%, Intel down 8.63%, Marvell Technology down 8.80%, Broadcom down 3.56%, and NVIDIA down 3.24%. Despite Bernstein recently raising its AMD price target to $600 from $525 with an outperform rating, sector headwinds continue to weigh on shares.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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