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Chipmakers stumble as AMD's forecast disappoints

AMD Semiconductor Intel Corporation Supply chain TSMC
Illustration shows AMD logo

Shares of chipmaker Advanced Micro Devices (AMD) took a hit on Monday as the company's latest forecast fell short of investor expectations. The news sent shockwaves through the market, causing the stock to drop by over 5%.

AMD reported solid financial results for the second quarter, with revenue reaching $3.85 billion, up 99% year-over-year. However, it was the company's guidance for the third quarter that disappointed investors. AMD projected revenue to come in at around $3.6 billion, below Wall Street's estimate of $3.8 billion.

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