AMD's Stock Falls In Active Trade; Analyst Confirms Nvidia To Release Competitive Cryptocurrency GPUs

By Tomi KilgoreMarketsMarketWatch Pulse

Shares of Advanced Micro Devices Inc. dropped 0.9% in active morning trade Wednesday, on track for a fourth-straight loss, amid growing concerns over competition for the chip maker's cryptocurrency-specific graphics cards. Volume was 26.2 million shares, making the stock the most actively traded on the Nasdaq exchange. Analyst Christopher Rolland at Susquehanna Financial said he can confirm recent reports of two GPU offerings from Nvidia Corp. , to be released during the third quarter, that are targeted at the cryptocurrency market. "As these new products are more price competitive, they may pose a risk to AMD's current offerings in the market," Rolland wrote in a note to clients. "New cards may upset AMD's alt-crypto coin dominance." Nvidia's stock rose 0.9% in morning trade. AMD share have rallied 17% year to date, while Nvidia's stock has run up 39%, the PHLX Semiconductor Index has rallied 16% and the S&P 500 has gained 8.7%.

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