New York, January 8, 2026, 10:47 EST — Regular session
Advanced Micro Devices shares fell 1.4% to $207.08 in morning trading on Thursday, sliding with the broader chip group. Nvidia was down about 1.4% and Intel fell 2.5%, while the iShares Semiconductor ETF dropped 1.8%.
The pullback comes two days after AMD used the CES trade show in Las Vegas to lay out its latest artificial-intelligence chips — the business Wall Street cares about most right now. Chief executive Lisa Su highlighted the MI455 processors for server racks sold to customers including OpenAI, and introduced the MI440X for on‑premise enterprise setups; “inference” is industry shorthand for running AI models after they are trained. 1
It also lands as the clock ticks toward the next earnings report, with investors looking for proof that new product roadmaps translate into shipments and revenue — not just stage demos. AMD said it will report fiscal fourth‑quarter and full‑year 2025 results on Feb. 3 after the market close, with a conference call set for 5:00 p.m. EST. 2
Chip stocks have been choppy this week after a sharp early‑year run. The Philadelphia Semiconductor Index hit an all‑time high on Tuesday as traders piled back into the AI trade, and “all those capex estimates that we hear about are going to be revised higher again,” Argent Capital portfolio manager Jed Ellerbroek said. 3
In the prior session, the S&P 500 ended lower while the Nasdaq edged up as investors rotated back toward heavyweight AI names, even as debate around rich tech valuations stayed close to the surface. “Investors have come into 2026 with a similar playbook to last year: Buy tech and forget about it,” said Jake Dollarhide, chief executive officer of Longbow Asset Management. 4
Competition has not eased. Intel rolled out its next‑generation “Panther Lake” laptop chip at CES as it tries to claw back PC share it has lost to AMD, while Nvidia has been using the show to push its next platform for data centers. 5
But there is a harder version of this story. AMD is still trying to break Nvidia’s grip on the most lucrative slice of AI chips, and any stumble in manufacturing ramp, customer adoption or pricing power can hit expectations fast. A broader hit to risk appetite — rates, macro data, or a fresh bout of “AI is overdone” — would not help.
Next up: traders are watching Friday’s U.S. jobs report for the rate backdrop, and then AMD’s Feb. 3 results for guidance on the pace of its data‑center AI push. 6
