AMD Falls 6.9% to $540.88, Cramer Recommends Buying Dip
AMD•AMD shares plunged 6.89% to $540.88 on July 1, erasing recent record highs and delaying trillion-dollar market cap ambitions. Jim Cramer endorsed buying the pullback after semiconductor peers Micron and Intel, which joined AMD in adding $2 trillion in Q2 value, opened Q3 with steep declines.
1. Stock Plunge on July 1
AMD shares plunged 6.89% to close at $540.88, wiping out recent record highs and postponing its campaign toward a $1 trillion market cap.
2. Sector Reversal Hits Semiconductors
Semiconductor stocks that collectively added $2 trillion in Q2 value—including AMD, Micron and Intel—opened Q3 with steep sell-offs driven by profit-taking.
3. Jim Cramer's Buy Signal
Jim Cramer recommended buying AMD's dip, highlighting ongoing AI demand and the company’s robust roadmap for next-generation processors as key long-term drivers.
4. Valuation and Investor Caution
After one of the strongest quarterly rallies on record, valuation metrics are flashing caution and prompting investors to reassess exposure in rich equity sectors.
