TECH - Bargain Alert: AMD is on the Verge of a Massive Catchup Play | Benzinga
Having popped to a fresh all-time high at the start of last month, it looked like shares of Advanced Micro Devices Inc (NASDAQ: AMD) were going to keep rallying through the end of the quarter. However, having fallen as much as 23% since then, they've definitely started Q2 on the back foot, and investors are wondering if this is just a healthy, though slightly scary, pullback or if it could be the start of a broader downtrend.
It's worth noting that while AMD was trading down, the rest of the market, as seen through the benchmark S&P 500 index, was trading up. Considering how closely aligned it had been, this was an interesting divergence. For context, the S&P 500 notched a fresh all time high just last week.
Divergence From Competitors
Sure, AMD's biggest semiconductor competitor, Nvidia Corporation (NASDAQ: NVDA), has also yet to top the high it set at the start of March, but unlike AMD, it made another run at it just last week and came very close. Heading into the final two trading days of the week, Nvidia shares are hovering less than 10% below last month's peak; nothing a stong up day wouldn't take ...