The share price of Advanced Micro Devices (NASDAQ: AMD) fell today after Micron Technology said that it's cutting back its chip supply because of slowing demand.
That sent semiconductor stocks sliding today and resulted in AMD falling 5.3% as of 3:15 p.m. EST.
Micron said in a statement today that it is reducing its chip production by 20% compared to last quarter and is considering other capital expenditures cuts, saying that "Recently, the market outlook for calendar 2023 has weakened." https://investors.micron.com/news-releases/news-release-details/micron-announces-further-actions-address-market-conditions
Source Fool.com