New York, March 3, 2026, 16:38 EST — After-hours
Advanced Micro Devices (AMD.O) slid 3.9% to $190.95 at the close on Tuesday and eased another 0.15% in after-hours trading. The chipmaker fell with the broader semiconductor complex as investors cut risk across growth stocks. 1
The drop matters now because AMD has turned into a high-beta AI trade — meaning it often swings more than the market when sentiment shifts. Oil settled up 4.7% at its highest since January 2025 as U.S.-Israel battles with Iran intensified, stirring fresh inflation worries. “The market is thinking there might be a quicker resolution than previously feared,” said Phil Flynn, senior analyst at Price Futures Group. 2
Wall Street finished lower but well off early lows. The S&P 500 ended down 0.94% and the Nasdaq slipped 1.00%, while investors pushed back expectations for a Federal Reserve rate cut to September from July, LSEG-compiled data showed. “Investors are growing anxious about the duration of the war and its impact on energy prices,” said Joseph Tanious, chief investment strategist at Northern Trust Asset Management. 3
Chip names took it on the chin. The VanEck Semiconductor ETF (SMH) fell about 3.8%; Intel ended down roughly 5.2%, while Nvidia and Broadcom each dropped about 1.4% to 1.6%.
AMD tried to keep the focus on execution. Chief executive Lisa Su, speaking at Morgan Stanley’s Technology, Media & Telecom conference, said enterprise demand “seems…very durable,” while noting she was watching the PC market as cost pressures work through the system. She also said AMD was seeking licenses for its MI325 chips in China and expects enough advanced packaging capacity to support larger volume shipments later this year. 4
A pair of insider filings added a small footnote to the day. Chief financial officer Jean Hu reported receiving 131,942 shares and disposing of 51,920 shares at $200.21 to cover withholding taxes tied to performance stock units, while Chief Commercial Officer Philip Guido reported receiving 44,964 shares and disposing of 16,964 shares for tax withholding at the same price, the filings showed. 5
Investors are still digesting AMD’s recent push deeper into the hyperscaler supply chain. The company last week struck a five-year deal to supply up to about $60 billion of AI chips to Meta Platforms, Reuters reported, and the package included a performance-based warrant for up to 160 million AMD shares tied to shipment milestones. 6
But the downside case is easy to sketch. If oil stays high and yields keep climbing, the market can keep leaning on richly valued growth stocks, and chip shares can overshoot on the way down. Any further tightening around China licensing, or a slower ramp in the nuts-and-bolts supply chain behind AI hardware, would also test the “AI spending is durable” message.
The next big sector moment is already on the calendar. Nvidia on Tuesday promoted its GTC conference for March 16–19, with CEO Jensen Huang set to deliver a keynote on March 16, an event traders often use to reset expectations for AI compute demand. 7
For Wednesday, the nearer checkpoint is Broadcom, which is due to report results after the close on March 4 and host a conference call at 5 p.m. ET — another read-through for AI infrastructure spending across the chip space. 8
