AMD Sinks 10.5% as Chip Rally Unwinds, Nasdaq 100 Falls 1.7%: Stock Market Today
Wall Street fell Friday as traders unwound this week’s rush out of Nvidia Corp. (NASDAQ:NVDA) and into rival chipmakers, sending Advanced Micro Devices Inc. (NASDAQ:AMD) down 10.5% and wiping out about $100 billion of its market value by midday . Stocks opened higher after a cooler-than-expected wholesale inflation report, then reversed as the scandal around Jensen Huang ‘s exit from Nvidia…
Advanced Micro Devices (AMD) experienced a significant 10.5% decline in stock value Friday, erasing approximately $100 billion in market value by midday. This downturn came as traders liquidated the gains from the recent rush out of Nvidia Corp (NASDAQ:NVDA) and into rival chipmakers. The decline in AMD shares was the worst since November 5, coming after a cooler-than-anticipated wholesale inflation report, which initially spurred an upward market movement. The scandal surrounding Jensen Huang's exit from Nvidia accelerated the market reversal.
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