Advanced Micro Devices (AMD -7.42%) experienced a significant stock price decline of 7.4% amid broader market downturns, hitting a low of 10.5% during the session. The drop was influenced by AMD’s announcement of an effective ban on sales of its MI308X processor to China, leading to an anticipated $800 million write-down, alongside rising costs due to TSMC’s planned 30% price increase on 4nm chips. Additionally, escalating U.S.-China trade tensions and cautious remarks from Federal Reserve Chairman Jerome Powell regarding interest rates added to investor concerns.
