AMD tanks 11% as chip selloff builds after midterms
AMD just got hit with a double-digit drop, sliding more than 11% as the chip-stock selloff picks up speed following the US midterm elections. The plunge leaves the stock 35% below its October 6 high and roughly $380 billion in market cap lighter over the past month, according to Kobeissi Letter.
AMD shares fell more than 11% as a wider selloff in chip stocks gained steam after the US midterm elections. The drop, flagged by @KobeissiLetter on X, marks the sharpest hit in the current run of losses for the chipmaker. It's the kind of red number that gets a trading desk's attention fast.
The damage stacks up over a longer stretch too. According to Kobeissi Letter, AMD is now 35% below its October 6 high. Over the last month alone, the company has shed $380 billion in market cap.
The selling isn't happening in a vacuum. The post describes a selloff across chip stocks that has been picking up momentum since the midterms, with AMD leading the way down. When a bellwether name gives up double digits, the rest of the group usually feels it.
For now, the momentum is pointing one direction. Kobeissi Letter's read is that the post-election retreat in semis is still building, not fading, and AMD's slide is the clearest sign of that pressure.
TopicsAMD · $AMD · Kobeissi Letter
Written by Paparazzi with AI. Not financial advice.