AMD stock plunges 17% after outlook rekindles doubts about its AI chip challenge to Nvidia
AMD shares fell 17.3% Wednesday and traded at $200.19 after hours after the company forecast first-quarter revenue of about $9.8 billion, below the previous quarter. Nvidia dropped 3.3% and Intel slipped 1.4%. The S&P 500 lost 0.51% and the Nasdaq fell 1.51%. Investors cited weak near-term AI chip sales and uncertainty over China as reasons for the selloff.