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Executives of both AMD and Super Micro Computer said supply constraints were hampering their efforts to capitalize on demand for equipment powering the boom in generative AI
The tech-heavy Nasdaq and the
benchmark S&P 500 slipped on Wednesday as chip stocks led losses
on downbeat results and markets weighed fresh economic data
ahead of the Federal Reserve s interest rate.
Advanced Micro Devices and Super Micro Computer led a selloff in chip stocks on Wednesday after their earnings disappointed investors, who had piled into the sector on hopes rising AI investments would boost demand. AMD was down 5.4% and is on course to lose more than $13 billion in market value. Its forecast of $4 billion in AI chip sales for 2024 fell short of Wall Street's lofty expectations, having been used to Nvidia's massive forecasts over the past year.