AMD falls 10.9% as Amazon and Intel spook chip investors
The move
AMD shares fell 10.9% on Oct. 30 as part of a broad chip-stock selloff. The decline followed Amazon's and Intel's quarterly results a day earlier: Amazon said its 2026 AI capital spending will run about $220 billion, and Intel forecast weaker fourth-quarter revenue and profit than expected, citing supply issues. Arm Holdings, Qualcomm and Marvell each fell about 10% the same day on the same worry -- whether heavy AI infrastructure spending is paying off.
Why it matters
AMD had no company-specific news that day; the drop shows how closely chipmakers' stocks are now tied to the AI-spending plans of a handful of big customers.
The bear case
The selloff followed a steep run-up in chip stocks this year, so some of the move may be profit-taking rather than a change in AMD's own outlook.
What to watch
AMD's Q3 earnings, due November 3.