Is Advanced Micro Devices Running Out of Steam?

Advanced Micro Devices' (NASDAQ: AMD) stock tumbled this week after the chipmaker posted its second-quarter earnings. Its revenue fell 13% annually to $1.53 billion, which beat estimates by $10 million but marked the company's third straight quarter of declining sales. Its adjusted net income fell 41% annually to $92 million, or $0.08 per share, meeting expectations.

Those headline numbers are alarming, but do they indicate that AMD's stock is running out of steam after more than quadrupling over the past three years?

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