AMD Falls 11% as Post-Huang AI Chip Rotation Trade Unwinds
AMD, Broadcom and Intel slid as the rotation out of Nvidia and into its rivals reversed, giving back part of last week's rally.
Advanced Micro Devices (AMD) fell 11% to $523.22 in early trading on November 15, giving back a large slice of the rally that followed Jensen Huang's resignation as chief executive of NVIDIA (NVDA). Broadcom (AVGO) dropped 6% to $343.23 and Intel (INTC) slid 6% to $57.66. The broad tech-led selloff dragged the NASDAQ Composite lower.
The reversal unwinds Thursday's rotation out of Nvidia and into its rivals. Huang resigned effective immediately on November 12, shaking the company most closely tied to the AI expansion. Money flowed toward Nvidia's competitors, lifting AMD and Broadcom together. Nvidia now trades at $159.02, down 4%, extending the slide that began with Huang's exit. With the former leader, the rotation winners and the wider tech group all lower, profit taking after a fast run is the best-supported explanation for AMD's drop.
Strong fundamentals underpinned AMD's run. On November 3, AMD reported third-quarter 2026 revenue of $13.38 billion, up 44.7% year over year. Data Center segment revenue jumped 97% on demand for Instinct MI450 accelerators and EPYC server processors. Adjusted earnings per share of $2.09 beat the $1.94 consensus estimate.
Wall Street framed the rotation around Huang's departure. Dan Ives told Bloomberg TV the exit "clearly evens the playing field" for Nvidia's rivals. Michael Burry took a cooler view in a Thursday Substack post, saying chip valuations still have a ways to fall, while naming Broadcom and AMD as potential beneficiaries if Nvidia's power decreases.
Broadcom's decline is shallower than AMD's, following a smaller run. AMD's gain over the past week outpaced Broadcom's, so AMD has more to give back. Selling in Intel shows the pressure reaching a chipmaker that sat outside that rotation. Intel remains up 56% year to date, though it trades far below its level of a month ago.
In delayed trading, AMD was down 8.75% at $534.06, Nvidia down 2.01% at $162.85, Broadcom down 4.76% at $347.01 and Intel down 2.52% at $59.66.
The next test for AMD is whether the rotation into Nvidia's rivals resumes once the broader tech selloff eases. Bulls can lean on Ives's playing-field argument and on AMD chief executive Lisa Su's November 3 comment that demand is higher than supply. Burry's valuation warning gives bears their case, and AMD's valuation sits far above Nvidia's on trailing earnings. A deeper tech selloff could pressure Broadcom and Intel regardless of how Nvidia's leadership story plays out.