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AMD was down 3.15% early Tuesday after Mubadala Investment disclosed that it sold 34.9 million shares of AMD.
AMD on Tuesday announced mixed fourth-quarter results and guided for a weaker first quarter. Here's what Wall Street is saying about the results.
AMD is set to report fourth-quarter earnings after Tuesday's closing bell.
AMD is plunging after rival Nvidia sounded the alarm on sales in China and lowered its guidance for the fourth quarter.
AMD shares slid after the company unveiled the first 7nm gaming graphics card at CES .
AMD will likely have a "pretty sizable mess" when its fourth-quarter earnings come out on January 29, said an analyst.
Despite the recent slump, Moody's cites "improved product positioning" in AMD's personal-computing business as well as custom chip uses like video games, which rely heavily on graphics cards for fast-processing and smooth rendering.
For years, AMD trailed Intel, Jefferies says. But the semiconductor maker has easily regained market share as the older competitor struggles to produce 10-nanometer chips. Intel has delayed its rollout of these smaller, next generation chips until at least 2019.
The Radeon Pro V240 card is intended to help speed up CAD software, rendering, and virtualization for enterprise users, and has 32 GB of memory. it should be available by the fourth quarter, the company said.
Shares of AMD have climbed 98% since the beginning of the year, easily outperforming the benchmark S&P 500 index's 6% gain in the same period.