Advanced Micro Devices (AMD) is experiencing a decline in its stock price today, which can be attributed to several factors. A significant development is the U.S. Department of Commerce's potential move to designate major cloud providers like Google and Microsoft as global gatekeepers for AI chip technology. This regulatory oversight could impact AMD's business, as it is a key player in the AI chip market. Additionally, the company recently laid off 1,000 employees, which may have raised concerns among investors about its operational efficiency and future growth prospects amid the ongoing AI boom.
The stock is currently trading at $126.41, down 3.21% from its previous close of $130.60, and has seen a 3.72% decline from its opening price of $131.30.