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Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) are under pressure today as the semiconductor sector faces increased volatility amid several key developments.
What To know: A major factor contributing to the sector’s slide is the fallout from a recent short report on Super Micro Computer Inc. (NASDAQ:SMCI) by Hindenburg Research. The report accused SMCI of accounting manipulation, sibling self-dealing and sanctions evasion, casting a shadow over the company’s rapid growth in the AI sector. SMCI shares plunged by over 23% and the company announced a delay in filing its Form 10-K for the fiscal year ending June 30 2024.
What Else: Adding to the sector’s uncertainty is the anticipated earnings report from NVIDIA Corporation (NASDAQ:NVDA), set to be released after the market closes on August 28 2024. NVIDIA, a dominant force in AI and semiconductor technology, has seen its stock surge by an astounding 160% year-to-date.
Analysts have been bullish on NVIDIA, with consensus estimates for second-quarter 2024 revenue and net income both receiving upward revisions in recent days. This optimism reflects the broader expectations for continued growth in AI and semiconductor demand.
AMD Price Action: Advanced Micro Devices shares were down by 2.29% at $147.05 according to Benzinga Pro.
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