Advanced Micro Devices Inc.’s stock, along with Broadcom Inc.’s, hit their worst patches since 2022 on Monday, giving each stock a seventh consecutive session of losses.
AMD
AMD,
shares fell as much as 2.6% to an intraday low of $107.20, and closed down 2.3% at $107.51, or 33.6% off their record closing high of $161.91, set on Nov. 29, 2021.
Over the past seven sessions, AMD’s stock has dropped 15.6%, according to Dow Jones Market Data, its longest losing streak since Sept. 6, when shares also fell for seven straight trading days. It’s also the worst seven-day stretch for AMD shares since the seven sessions ending Oct. 14, when the stock declined 17.7%, according to Dow Jones data.
From mid-June: AMD launches new data-center AI chips, software to go up against Nvidia and Intel
Meanwhile, Broadcom
AVGO,
shares, which had been positive for much of Monday’s session, up as much as 2%, took a sudden downturn in the final hour of trading and finished the day down less than 0.1% at $821.63, for a 7.3% decline over the past seven trading days, according to Dow Jones data. It’s Broadcom’s longest losing streak since the seven days ended Jan. 21, 2022, and its worst seven-day stretch since Oct. 17, 2022, when shares declined 9.2%.
Read: Broadcom stock shows volatility as analysts question AI’s more than 25% boost to chip revenue
Broadcom shares are freshly off their all-time closing high, when the stock finished at $886.18 last Wednesday, according to Dow Jones data.
Read: Broadcom stock streaks to record high on hopes for Apple deal
AMD stock, however, is still up about 66% year to date, while Broadcom is up 47% and the PHLX Semiconductor Index
SOX,
is up 39%. The S&P 500 index is up 13%, and the tech-heavy Nasdaq Composite
COMP,
is up 28% this year.
Read: Micron is ‘at the bottom of this deep downturn,’ but ‘China complicates the recovery plan’
Year to date, of the components in the SOX index, AMD is the second-best performer, wedged between Nvidia Corp.’s
NVDA,
178% gain and Entegris Inc.’s
ENTG,
59.5% gain.
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