Why Super Micro Computer, Advanced Micro Devices, and Other Artificial Intelligence (AI) Stocks Tumbled on Tuesday
After the market close on Monday, Nvidia (NASDAQ: NVDA) kicked off its annual GPU Technology Conference (GTC), which some have dubbed the "Woodstock of Artificial Intelligence (AI)." Thousands of tech glitterati showed up in person to watch CEO Jensen Huang's keynote address, while millions more tuned in online.
During the two-hour presentation, Huang expounded on the company's latest creations, collaborations, and partnerships, which will have a ripple effect across much of the tech world. This morning, investors are still digesting the impact of these announcements, which is causing something of a hangover in AI stocks -- likely following the old adage "buy the rumor, sell the news."
With that as a backdrop, AI-centric server maker Super Micro Computer (NASDAQ: SMCI) tumbled 10.3%, chipmaker Advanced Micro Devices (NASDAQ: AMD) slumped 5%, and chip designer Arm Holdings (NASDAQ: ARM) declined 2.8% as of 1:26 p.m. ET on Tuesday.
Source Fool.com
Advanced Micro Devices Inc. Stock
The stock is one of the favorites of our community with 85 Buy predictions and 2 Sell predictions.
With a target price of 175 € there is a positive potential of 41.43% for Advanced Micro Devices Inc. compared to the current price of 123.74 €.
