Intel, AMD Stocks Fall as September Market Pullback Begins
AMD fell 2.4% after ARK Invest trimmed its stake; Intel slipped amid a pullback from its June high as U.S. stocks opened September lower.
U.S. equity benchmarks opened September lower, with the S&P 500 down 0.4%, the Nasdaq Composite off 0.8% and the Dow Jones Industrial Average lower by about 38 points, or 0.1%. Semiconductor shares were among the weaker areas of the market.
AMD declined about 2.4% while Intel was trading roughly 0.45% lower mid-session after recovering much of an earlier loss. Intel’s decline occurred as the stock pulled back from its June swing high.
ARK Invest reduced its position in AMD, selling 156,286 shares valued at about $74.5 million on Tuesday and 37,977 shares worth roughly $18.3 million the previous day. The transactions took place across several of ARK’s ETFs.
AMD announced plans for an AI infrastructure platform in Saudi Arabia built with Cisco and the sovereign technology firm HUMAIN. The project pairs AMD Instinct MI355X GPUs and EPYC CPUs with Cisco’s Silicon One AI networking architecture, using Cisco 800G optics and N9000 Series fabric. Initial operations are intended to support about 250 megawatts of AI capacity starting in 2027, with potential scaling to 1 gigawatt by the end of the decade.
AMD is trading at about 74 times forward earnings, higher than a major peer on that metric. Analysts maintain a consensus Strong Buy rating on the stock, with a mean price target near $622.
Intel is trading roughly 5.7% below its 200-day simple moving average of $94.54, about 0.85% under its 20-day SMA of $89.83 and approximately 0.1% above its 50-day SMA of $88.97. The stock reached a 52-week high of $142.35 in June, then posted a swing low and broke below support in July. Market participants are watching whether Intel can hold nearby support and regain key moving averages.
Analysts give Intel an overall Hold consensus with an average price forecast of $110. On Aug. 12, Bank of America maintained a Buy rating but lowered its price target to $145; UBS kept a Neutral rating and cut its target to $112 the same day. Bank of America had set a $160 target on July 28.
Semiconductor names broadly faced renewed pressure at the start of the month. Traders monitored fund flows, company-specific technical levels and valuation differences among chipmakers for cues on near-term direction.
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