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Advanced Micro Devices, Inc. (NASDAQ:AMD) shares are on the rise Monday, rebounding after a morning selloff in chip stocks. Here’s what you need to know.
What To Know: The semiconductor and chip sector experienced a sharp decline earlier in the day, driven primarily by NVIDIA Corporation‘s (NASDAQ:NVDA) significant drop. Reports of a design flaw in NVIDIA’s next-gen Blackwell accelerators, which could delay shipments until early 2025, spooked the market. This delay is expected to impact major clients such as Microsoft Corp. (NASDAQ:MSFT), Meta Platforms Inc. (NASDAQ:META) and Alphabet Inc. (NASDAQ:GOOG).
What Else: Despite the initial selloff, NVIDIA addressed the delay rumors, stating that demand for its current Hopper chips remains strong and that Blackwell sampling is underway, with production on track for the second half of the year. This response may have helped ease some of the market’s concerns.
The semiconductor industry has also been affected by weak performance reports from other chipmakers, notably Intel Corporation (NASDAQ:INTC).
AMD Price Action: At the time of writing, AMD shares were up 1.77%, trading at $134.84 according to Benzinga Pro.
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