AMD Drops 2.9% as Nvidia Earnings Create Stress Test for AI Chips
Advanced Micro Devices fell about 2.9% to $459.24 as all Philadelphia Semiconductor Index stocks traded lower and Nvidia’s upcoming earnings became a stress test for AI-chip demand. AMD reported record Q2 revenue of $11.5B, including ~$6.7B from data centers, but investors weigh execution risk and a valuation around 118x, with the stock ~67% above an internal value estimate.