AMD Stock News: Advanced Micro Devices, Inc. dips as tech selloff continues to hit Wall Street
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UNLOCK OFFER- NASDAQ:AMD fell by 0.35% to extend its losses amidst another rocky day for stocks.
- Wall Street says buy the dip as analysts upgrade AMD during its recent downspin.
- Semiconductor shortage could have a lasting impact on AMD in 2021.
NASDAQ:AMD has been caught up in the ongoing tech selloff that has hammered the broader markets so far in 2021, and investors should know there could still be more pain ahead. On Monday, AMD fell by 0.35% to close the first trading session of the week at $77.14, which is now well below both the 50-day and 200-day moving averages. Shares have now dropped over 16% since the start of 2021, and over 22% from its 52-week high price of $99.23.
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The recent downturn in AMD has not hit its competitors as hard as both Intel (NASDAQ:INTC) and Taiwan Semiconductor (NYSE:TSM) have traded mostly flat in 2021. One Wall Street analyst has taken notice as Northland Capital’s Gus Richard has elevated his price target to $96, which represents a nearly 25% ceiling from AMD’s current price levels. Richard is skeptical of Intel’s recent re-entry into the foundry business, and believes that AMD is positioned to take advantage of this. Northland joins RBC and Rosenblatt Securities amongst others who are still bullish on AMD despite its recent price drop.
AMD Stock chart
The ongoing semiconductor shortage is hitting AMD and other companies particularly hard as a surge in global demand for electronics has put a serious dent in chip supply. AMD has been rumored to be the frontrunner to provide chips for Tesla’s (NASDAQ:TSLA) new reboot of its Model S and Model X vehicles, as well as existing partnerships with Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), and Chinese tech conglomerate Tencent.
- NASDAQ:AMD fell by 0.35% to extend its losses amidst another rocky day for stocks.
- Wall Street says buy the dip as analysts upgrade AMD during its recent downspin.
- Semiconductor shortage could have a lasting impact on AMD in 2021.
NASDAQ:AMD has been caught up in the ongoing tech selloff that has hammered the broader markets so far in 2021, and investors should know there could still be more pain ahead. On Monday, AMD fell by 0.35% to close the first trading session of the week at $77.14, which is now well below both the 50-day and 200-day moving averages. Shares have now dropped over 16% since the start of 2021, and over 22% from its 52-week high price of $99.23.
Stay up to speed with hot stocks' news!
The recent downturn in AMD has not hit its competitors as hard as both Intel (NASDAQ:INTC) and Taiwan Semiconductor (NYSE:TSM) have traded mostly flat in 2021. One Wall Street analyst has taken notice as Northland Capital’s Gus Richard has elevated his price target to $96, which represents a nearly 25% ceiling from AMD’s current price levels. Richard is skeptical of Intel’s recent re-entry into the foundry business, and believes that AMD is positioned to take advantage of this. Northland joins RBC and Rosenblatt Securities amongst others who are still bullish on AMD despite its recent price drop.
AMD Stock chart
The ongoing semiconductor shortage is hitting AMD and other companies particularly hard as a surge in global demand for electronics has put a serious dent in chip supply. AMD has been rumored to be the frontrunner to provide chips for Tesla’s (NASDAQ:TSLA) new reboot of its Model S and Model X vehicles, as well as existing partnerships with Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), and Chinese tech conglomerate Tencent.
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