AMD stock risks $535 as hotter CPI deepens semiconductor selloff
AMD is under renewed pressure after hotter inflation triggered its steepest one-day drop since early August. The next test is whether $560 can be reclaimed before the sell-off extends toward the 50-day SMA.
September U.S. CPI was the main catalyst behind AMD’s latest decline. Inflation accelerated to 3.7% year over year, above expectations of 3.6% and up from 3.4% in August, while the monthly increase came in at 0.6%. The hotter print revived expectations of further Federal Reserve tightening and hit richly valued technology and AI stocks particularly hard.
AMD fell by around 5.7% on October 14, ending at $570.82 after recording the largest single-day fall since early August. There were declines throughout the semiconductor industry, as the Philadelphia Semiconductor Index lost around 4.3%, while the Nasdaq fell 1.9%.
AMD risks a 50 SMA test after losing $560
The CPI release changed AMD’s short-term technical structure. The base-case scenario was invalidated after the stock fell below $600, activating the alternative setup with a downside target at $560.
In premarket trading on October 15, AMD fell as low as $548.79. If the stock fails to recover above $560 and establish a sustained hold after the regular session opens, the risk of a deeper decline toward the 50-day SMA near $535 will rise sharply. That is now the base case for the next several sessions.
For a rebound to develop, AMD first needs to stabilize above $560. That could ease selling pressure and shift the immediate focus back toward resistance near $570.
Inflation raises the bar just as earnings season begins
The inflation surprise arrived almost exactly as earnings season was getting underway, abruptly changing the backdrop for growth and AI stocks. Investors now have to weigh corporate results against the prospect of higher rates and more expensive financing.
If macroeconomic pressure persists, even a strong earnings season may not be enough on its own to restore the previous appetite for richly valued technology stocks.
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