AMD Tumbles 11%, Broadcom and Intel Slide 6% as Chip Rally Reverses David Moadel Fri, November 13, 2026 at 11:56 AM EST 5 min read AMD -9.82% NVDA -3.32% AVGO -5.20% INTC -3.92% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
AMD plunged 10% and Broadcom 7% as Thursday's rotation out of NVIDIA unwound in a broad tech-led selloff.
Jensen Huang's NVIDIA exit sparked the rally, with Dan Ives saying it evens the playing field while Michael Burry warns chip valuations have further to fall.
AMD's 45% revenue growth and 97% Data Center surge fuel bulls, but its run gave it the most to surrender.
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Thursday's rotation out of NVIDIA (NASDAQ:NVDA) and into its chip rivals is running in reverse. Advanced Micro Devices (NASDAQ:AMD) stock is at $523.22 in early action, down 11%. The stock is giving back a big portion of a rally that still leaves it well above where it traded a week ago.
Broadcom (NASDAQ:AVGO) is caught in the same reversal as it's down 6% to $343.23. Both chipmakers jumped Thursday as investors rotated away from NVIDIA after Jensen Huang resigned as its CEO, effective immediately, on November 12. That trade is unwinding in a broad tech-led selloff that has the NASDAQ Composite slumping.
Strong fundamentals helped set up the run. On November 3, AMD reported its Q3 2026 results. Revenue rose 44.7% year over year to $13.38 billion, while its Data Center segment revenue jumped 97% on demand for Instinct MI450 accelerators and EPYC server processors. AMD's adjusted earnings per share of $2.09 exceeded the $1.94 consensus estimate.
Huang's departure shook the company most closely tied to the AI expansion, and money flowed toward NVIDIA's competitors. Dan Ives told Bloomberg TV that Huang's exit "clearly evens the playing field" for NVIDIA's rivals. That argument framed Thursday's buying in AMD and Broadcom.
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Michael Burry offered a cooler read in a Thursday Substack post. He said he expects chip valuations "still have a ways to fall," while naming Broadcom and AMD as potential beneficiaries if NVIDIA's power is decreased.
NVIDIA stock is at $159.02, down 4%, extending the slide that followed Huang's exit. With the former leader, the rotation winners and the broader tech group all lower, profit taking after a fast run is the best-supported explanation for AMD's drop.
Broadcom stock's decline today is a shallower drop than AMD's. It lines up with a smaller run: AMD's gain over the past week outpaced Broadcom's, so AMD has had more to give back.
Intel (NASDAQ:INTC) stock is at $57.66, down 6%. Even after that drop, Intel stock is up 56% year to date, though it trades far below where it stood a month ago. Compared with AMD, Intel is adding to a steep monthly decline, while AMD is pulling back from a fast run higher.
Thursday's jump lifted Broadcom and AMD together, so their parallel declines fit a single trade being unwound, and selling in Intel shows the pressure reaching a chipmaker that sat outside that rotation.
AMD sells merchant AI accelerators under its Instinct brand, along with EPYC server processors and Helios rack-scale systems, putting it in direct competition with NVIDIA for data center spending. Frontier AI labs and hyperscalers lead AMD's customer list, and the company's open ROCm software stack is its answer to NVIDIA's CUDA ecosystem, while Ryzen PC chips, Radeon graphics, console silicon and embedded products round out the company's mix.
Broadcom co-designs custom AI accelerators with hyperscale customers and supplies the Ethernet networking chips that link large clusters, so it can benefit from AI spending across chip architectures. A separate infrastructure software business built around VMware gives the company an enterprise revenue stream that AMD doesn't have.
Intel designs and manufactures its own chips, selling Xeon server processors and Core PC processors while running a foundry business that builds chips for outside customers. That PC exposure weighs more heavily on Intel, whose management expects the PC slowdown to last through at least the first half of 2027.
The next test for AMD is whether the rotation into NVIDIA's rivals resumes once the broader tech selloff eases. The bulls can lean on Ives's playing-field argument and on AMD CEO Lisa Su's November 3 comment that "It is true that demand is higher than supply."
Burry's warning on chip valuations gives the bears their case, and AMD's valuation sits far above NVIDIA's on trailing earnings. A deeper tech selloff could also pressure Broadcom and Intel, regardless of how NVIDIA's leadership story plays out. Volatility in AMD could persist. It may last until the rotation trade into NVIDIA's rivals settles (we studied what the early signals of the next monster chip winner looked like and put them in a free playbook here).
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