AMD Stock Slumps After Double Downgrade by HSBC on AI Revenue Concerns [Yahoo! Finance]
HSBC Holdings, plc. (HSBC)
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Source: Yahoo! Finance
Advanced Micro Devices shares fell Wednesday after a double downgrade by analysts at HSBC to "reduce" from "buy." The firm cut its forecast for AMD's artificial intelligence chip revenue in 2025 and said an upcoming chip from the company is unlikely to compete with Nvidia's offerings. AMD shares have lost about a quarter of their value over the past three months, and HSBC analysts said they believe "there remains further downside." Advanced Micro Devices ( AMD ) shares tumbled Wednesday after HSBC analysts gave the stock a double downgrade, citing concerns about the chipmaker's artificial intelligence (AI) revenue. HSBC dropped AMD's rating two levels, to “reduce” from “buy,” and lowered its price target to $110 from $200. The AI chip company's shares have lost about 24% over the past three months going into Wednesday, with the analysts adding they believe "there remains further downside.” AMD shares slid more than 4% intraday to $121.60. Analysts Call AMD's AI Chip Plan 'L
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