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Advanced Micro Devices Shares Fall Due to Analyst Downgrade
Advanced Micro Devices (NASDAQ: AMD) saw a decline of 6.3% in its shares as of 11:28 a.m. ET following a downgrade from Seaport Research, which lowered AMD’s rating from buy to neutral. The downgrade was primarily attributed to signs of slowing growth in its artificial intelligence (AI) chip business, following a report that only 22,000 jobs were added in August, indicating a slowdown in economic growth.
Additionally, uncertainty surrounding potential tariffs on semiconductor imports, as stated by former President Trump, may have negatively impacted the company’s outlook. Reports surfaced that OpenAI plans to produce its own AI chips, posing a potential threat to AMD and competitors like Nvidia.
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