AMD Sinks 10.5% as Chip Rally Unwinds, Nasdaq 100 Falls 1.7%: Stock Market Today
Summary
Wall Street declined on Friday as a broader chip sector rally unwound and traders moved away from competitor stocks. Advanced Micro Devices suffered a significant drop, plunging over ten percent and losing billions in market value by midday.
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 deepened.…
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