AMD Slides 8.75% as Chip Stocks Sell Off on Friday

Chips Lead Friday's Sell-Off

Sellers concentrated on chip stocks to close the week, and Advanced Micro Devices (AMD) took the deepest cut among the major names, ending Friday's session down 8.75% at $534.06. The decline followed an intraday slide of more than 11% that pushed the shares to a low near $520 before late buying clawed back roughly a quarter of the loss. The drop also erased the previous session's 5.9% advance in full. The Philadelphia Semiconductor Index closed at 10,146.32, down 3.43%, having fallen more than 6% at the worst point of the day before sellers eased into the close. That loss was more than eight times the S&P 500's 0.40% decline to 7,561.67. The Nasdaq Composite lost 0.91% to 25,136.27 after opening above Thursday's finish and turning lower through the day, at one point down about 1.9%. The Dow Jones Industrial Average was the only major index to end higher, up 0.10% at 52,347.55.

The weakness stayed inside semiconductors and AI infrastructure rather than spreading across technology. Dell fell 7.18%, CoreWeave 6.13% and memory maker SanDisk 5.59%. The American depositary receipt of SK Hynix, a certificate that lets the South Korean memory maker's shares trade on the US market, dropped 4.30%. Broadcom lost 4.76%, and NVIDIA (NVDA) slipped 2.01% to $162.85. Meta moved the other way, up 2.90% to $641.69, and Microsoft added 0.17%, so Friday stopped short of a full technology rout.

Huang Exit and PPI Steer Chip Selling

Two threads ran through the selling. The first is NVIDIA. The company has scheduled its fiscal 2027 third-quarter results for after the US close on November 17, the first quarterly report since Jensen Huang stepped down as chief executive on November 12. Commentary published with Friday's close tied the reluctance to buy chip stocks to that leadership change and to the wait for the print, with investors unwilling to add semiconductor exposure before the numbers arrive.

The second thread is inflation. The October producer price index, which tracks the prices producers receive for goods and services, rose 0.3% from the prior month and 6.5% from a year earlier. The annual pace is the steepest since November 2022: the monthly increase slowed, but the 12-month rate accelerated. The report lifted expectations of further Federal Reserve rate increases, and higher rates cut the discounted value of future profits, a mechanism that lands hardest on richly valued growth stocks such as semiconductors. The weekly ledger still reads positive despite the Friday damage: the S&P 500 gained 2.51% over the five sessions and the Philadelphia Semiconductor Index 8.05%. AMD finished the week up 18.93%, a rebound off the prior week's heavy losses that Friday's decline only partially trimmed. NVIDIA was the exception, down 12.75% for the week, a move that tracked the leadership change rather than the sector's broader recovery.

COINOTAG Reading: Support at $506.20

The pressure carried beyond Friday's close. COINOTAG data puts AMD at $523.47, down 9.09% over 24 hours and near the bottom of a $520.87 to $580.72 range. The composite scoring rates the strongest support below the market at $506.20, scored 100 out of 100, with resistance at $530.30, also rated 100/100, sitting just above the last price. The daily RSI reads 50.4 and the trend classification is sideways, so the shares have been pulled toward a well-defined floor without yet leaving the range. A daily close below $506.20 would confirm that the weekly rebound has failed, while the November 17 earnings report stands as the next scheduled catalyst.