AMD Stock After Hours (Dec. 17, 2025): Why Shares Slid to $198 and What to Watch Before Thursday’s Market Open

Advanced Micro Devices (NASDAQ: AMD) ended Wednesday, December 17, 2025, under pressure as the latest risk-off wave hit AI-linked tech and semiconductors. AMD closed around $198.20, down about 5.25%, after trading roughly between $211.48 (high) and $197.69 (low) during the session. ^[1]

In after-hours trading, AMD was little changed shortly after the close—around $198.56 at 4:32 p.m. ET—as investors digested fresh chip-sector headlines and braced for a heavy U.S. economic-data slate on Thursday morning. ^[2]

Below is what moved AMD today, what’s developing after the bell, and what to know before the market opens on Thursday, December 18, 2025.

What happened to AMD stock today

A broad tech selloff dragged “AI trade” names lower

AMD’s decline came amid a broader pullback in U.S. equities led by mega-cap and AI-exposed technology stocks. The Nasdaq Composite fell 1.8% and the S&P 500 dropped 1.2% on Wednesday, according to an end-of-day market recap. ^[3]

Semiconductors have been a focal point of the recent drawdown. Market commentary highlighted that the selloff has been tied to worries about the financing and debt load required to build out next-generation AI data centers, a theme that tends to hit chipmakers (and other AI supply-chain names) as investors reassess how durable—and how profitable—the infrastructure buildout will be. ^[4]

Oracle data-center financing headlines amplified infrastructure anxiety

One of the biggest catalysts behind the renewed “AI capex” debate on Wednesday was Oracle-related data center funding news.

Reuters reported that Oracle said talks for an equity deal supporting its Michigan data center project remain on schedule and do not include Blue Owl Capital, after a report about stalled negotiations weighed on Oracle shares. Reuters added that Blue Owl had been in talks to back the roughly $10 billion project but didn’t reach agreement on terms comparable to other Oracle deals, per a source familiar with the matter. ^[5]

Why this matters for AMD: when markets question whether large-scale AI data center projects can be financed smoothly (and at attractive economics), investors often reduce exposure across the AI hardware stack—GPUs, CPUs, networking, memory, and the companies that supply those platforms—rather than isolating the move to one name.

Market commentary and reporting tied the broader AI-stock weakness directly to these data center funding concerns, creating a “sell first, ask questions later” tape in several chip names. ^[6]

China’s AI chip push stayed in the headlines

Another chip-sector storyline in today’s news cycle: Reuters covered the blockbuster Shanghai debut of MetaX Integrated Circuits, a Chinese AI chipmaker founded by a former AMD executive, underscoring China’s push for AI chip self-sufficiency under export-control pressure. ^[7]

This is not a direct “AMD earnings-style” catalyst, but it contributes to the market’s ongoing debate about:

how geopolitics may reshape chip demand by region, and
how quickly domestic competitors could rise in markets where U.S. vendors face restrictions.

After the bell: the semiconductor tape is watching Micron’s results

While AMD itself didn’t deliver a major after-hours corporate update, one of the most important read-throughs for Thursday’s open is Micron Technology’s post-close earnings and guidance.

Reuters reported that Micron forecast significantly higher quarterly revenue and earnings than analysts expected, driven by booming AI-memory demand—especially for high-bandwidth memory used in AI data centers—and that Micron shares rose sharply in after-hours trading. ^[8]

Why that matters for AMD going into Thursday:

If Micron’s guidance reinforces strong AI server buildout, it can help stabilize sentiment across semiconductors more broadly—particularly “picks-and-shovels” hardware tied to data centers. ^[9]
If the market stays focused on financing constraints, even strong chip demand signals can be overshadowed by concerns about who pays for all that capacity and at what returns (the same macro narrative that hit the group today). ^[10]

Wall Street forecasts: analysts still lean bullish, despite today’s drop

Even with AMD’s late-2025 volatility, the Street’s consensus view remains constructive.

As of today’s close, MarketBeat’s compilation showed:

Consensus rating: “Moderate Buy”
42 analyst ratings (with 11 Holds and 31 Buys)
Average 12‑month price target: $277.11 (with a wide range between $140 and $380) ^[11]

Two quick takeaways investors often focus on:

The upside implied by price targets can look large after sharp pullbacks—especially in high-beta semis. ^[12]
The dispersion is also telling: a $140-to-$380 range signals meaningful disagreement on execution, competition, and the pace of AI/data-center monetization.

Technical snapshot: key AMD levels traders are discussing

A widely read Investing.com technical note published today described AMD as entering a consolidation/pullback phase after rallying earlier in the year, with the stock slipping back toward key support areas and failing to hold near-term resistance.

That analysis highlighted:

50-day moving average near $231 and 200-day moving average near $157
A support zone around $205–$210 and a secondary support zone around $195
Resistance levels around $231 and the prior highs near $242–$245 ^[13]

What changed by the closing bell: AMD finished below $200 today, meaning it broke beneath the $205–$210 area discussed as “immediate support” in that earlier analysis and moved closer to the ~$195 secondary support region. ^[14]

In other words, Thursday’s open matters because it will show whether today’s dip was:

a quick “flush” that rebounds back above $200, or
confirmation that traders want to probe lower support before stepping back in.

What to watch before the market opens Thursday (Dec. 18, 2025)

1) 8:30 a.m. ET: CPI and the Philly Fed survey (potential volatility trigger)

Thursday morning brings a high-impact cluster of U.S. macro releases.

The New York Fed’s Economic Indicators Calendar lists Consumer Price Index (CPI) and the Philadelphia Fed Manufacturing Survey scheduled for 8:30 a.m. ET on Dec. 18. ^[15]

Why AMD investors care:

CPI can swing Treasury yields, which often drive rapid repricing in high-duration growth and tech stocks (including semiconductors).
The Philly Fed survey can shift views on industrial momentum and risk appetite, which can matter for cyclical tech.

2) Jobless claims are also on the radar

Market calendars for Thursday also flag initial jobless claims alongside the morning data wave, another potential volatility input for rates and index futures. ^[16]

3) Premarket read-through from Micron’s guidance

Given Micron’s strong outlook tied to AI-memory demand, watch whether:

semiconductor ETFs and peers trade firmer premarket, or
the group stays heavy if the market continues to prioritize “AI capex financing” risk over demand strength. ^[17]

4) Any overnight developments on AI infrastructure funding

Because Oracle-related funding headlines helped pressure AI-linked names today, any follow-up reporting or corporate commentary can move sentiment quickly—especially in the first hour of trading. ^[18]

5) The simple but crucial level: can AMD reclaim $200?

AMD closed around $198 today. ^[19]
In practical terms, many traders will treat $200 as the first “line in the sand” on Thursday, with the next area of interest around the mid-$190s based on recent technical commentary. ^[20]

Bottom line for AMD heading into Thursday’s open

AMD’s after-hours trade on Dec. 17 was relatively calm—hovering near $198.56 shortly after the close—but the setup for Thursday is anything but quiet. ^[21]

The stock enters Dec. 18 facing a tug-of-war between:

macro-driven volatility (CPI and other 8:30 a.m. ET releases), ^[22]
AI infrastructure funding concerns sparked by Oracle data-center financing headlines, ^[23]
and fundamental strength signals in semiconductors after Micron’s upbeat guidance tied to AI demand. ^[24]