AMD Stock Retreats Despite Strong Earnings as Investors Take Profits
Advanced Micro Devices shares fell sharply this week, dropping 3.7% on Tuesday and another 5.3% in pre-market Wednesday trading despite reporting better-than-expected Q3 earnings. The decline reflects profit-taking after a 30% rally over three months fueled by AI chip Optimism and an OpenAI supply deal.
Wall Street analysts remained bullish, with UBS raising its price target to $300, but high valuations and in-line guidance left little room for upside surprise. The semiconductor sector faces pressure as traders await macroeconomic data that could inject fresh volatility.