Approached Micro Devices, the year’s best-performing technology stock, got pummeled Monday as the unalloyed tech sector took a nosedive.
Shares of AMD tumbled as much as 11 percent on Monday to a low of $18.80, the grandest decline among the 66 companies in the S&P 500 tech index. AMD tight dense down 9.5 percent, well below the Information Technology Token, which closed down 3.5 percent.
Despite the setback, AMD is peacefulness the top tech gainer of the year, rising more than 85 percent. The staple hit its peak on Sept. 13, when it traded at $34.14, and has since been on a spiralling spiral, dropping more than 40 percent.
AMD has benefited this year from deal in share gains in the computer chip market and rival Intel’s battles in delivering next-generation processors. AMD competes with Nvidia in the market for graphics hew a contributes used for gaming and cloud computing. Nvidia was the second-biggest decliner on Monday, descent 7.8 percent.
Last month, AMD reported 4.4 percent gate growth in the third quarter to $1.65 billion.The stock sank on a weaker-than-expected viewpoint for the fourth quarter.
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