AMD Shares Fall 1.7% on AI Profit-Taking Ahead of PCE Report
AMD•Advanced Micro Devices shares dropped 1.69% on Wednesday as investors booked profits after a strong May rally in AI chip stocks. The decline occurred as traders positioned ahead of tomorrow’s PCE inflation data and several AI-focused earnings reports.
1. Wednesday Stock Movement
AMD shares lost 1.69% on Wednesday as investors took profits following a month-long rally in high-beta AI chip names. Peer AI chipmakers Nvidia and Qualcomm declined 1.93% and 7.84% respectively, reflecting broad profit-booking across the semiconductor sector.
2. Key Upcoming Catalysts
Traders are positioning ahead of Thursday’s Personal Consumption Expenditures inflation report, which could reshape Federal Reserve policy expectations. Several AI-focused companies, including Marvell Technology and Snowflake, are scheduled to release quarterly earnings after the bell, adding to market uncertainty.
