Advanced Micro Devices has been under significant pressure leading up to earnings after the close. The stock has been caught in the swings of the AI debate all year, but this most recent leg lower was triggered by a wave of disappointing tech earnings. A record drop in Alphabet last Thursday was followed by weak results from Amazon, as well as AMD's long-standing CPU rival, Intel. Intel guided fourth-quarter revenue well below consensus and expects the PC slowdown to last through at least the first half of next year. That sent Intel's stock down 29% on Friday, its worst day since the 1970s. Caught in the fallout of Intel and the broader tech sector, AMD fell 10.9% that day and slid another 7.5% Monday.
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