AMD Falls 7% to $514 as Chip Selloff Triggers Profit-Taking

AMD shares plunged about 7% on July 7 to $513.58 amid a broad semiconductor selloff and questions over stretched AI valuations. The drop followed an 8% surge the prior day after Goldman Sachs raised its price target to $640 and Citi added AMD to its catalyst watch list. The stock had earlier fallen 4.3% on June 1 after U.S. regulators closed an export loophole for AI chips to China, hit a record high near $558 on June 15, and dropped 5% on June 23 in a Korean-led selloff, yet remains up over 130% for the first half of 2026.