New York, March 3, 2026, 16:38 EST — Trading after the bell
Advanced Micro Devices (AMD.O) ended Tuesday down 3.9% at $190.95, then slipped another 0.15% following the bell. Shares retreated along with other chip names, with traders pulling back from growth stocks. 1
The decline is drawing attention because AMD has become a high-beta play on AI—so its moves tend to outpace the broader market when sentiment shifts. Oil closed up 4.7%, hitting its highest mark since January 2025, as escalating U.S.-Israel clashes with Iran fueled new inflation concerns. “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 closed in the red, though stocks clawed back much of their earlier losses. The S&P 500 dropped 0.94%, with the Nasdaq down 1.00%. LSEG data showed investors now see a Federal Reserve rate cut happening in September, not July. “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
Semiconductors got hit hard. The VanEck Semiconductor ETF (SMH) slid close to 3.8%. Intel dropped around 5.2%, and both Nvidia and Broadcom lost between 1.4% and 1.6% each.
AMD stuck to talking up its delivery. CEO Lisa Su, speaking at Morgan Stanley’s Technology, Media & Telecom conference, described enterprise demand as “very durable,” though she’s keeping an eye on the shifting PC market and ongoing cost pressure. Su added that AMD is working on licenses for its MI325 chips in China. She expects sufficient advanced packaging capacity to ramp up bigger shipments later this year. 4
Insider filings crossed late in the day: Jean Hu, the chief financial officer, picked up 131,942 shares and let go of 51,920 at $200.21 apiece, selling just enough to cover taxes on performance stock units. Philip Guido, chief commercial officer, logged 44,964 shares received and sold off 16,964, also for tax withholding at the same price, according to the filings. 5
AMD’s latest move into the hyperscaler scene has investors watching closely. Reuters says the chipmaker landed a five-year agreement with Meta Platforms last week, a package that could see AMD supplying up to $60 billion in AI chips. The deal also features a performance-based warrant—Meta could claim as many as 160 million AMD shares, depending on how many chips get shipped. 6
The bear case pretty much writes itself. Elevated oil and rising yields could pressure those expensive growth names, with chip stocks vulnerable to bigger drops. Additional hurdles—tougher China licensing, or any lag in the core supply chain for AI hardware—would put more stress on hopes that “AI spending is durable.”
Nvidia has circled March 16–19 for its upcoming GTC conference, putting the next major sector catalyst in plain view. CEO Jensen Huang is scheduled to headline with a March 16 keynote—a session that’s typically watched by traders looking to recalibrate their bets on AI compute demand. 7
Coming up Wednesday, Broadcom is next in focus, with results set for release after the bell on March 4. The company will hold its conference call at 5 p.m. ET, offering another glimpse into AI infrastructure demand across the chip sector. 8
