AMD and Intel Drop 9% and 8% in Chip Selloff

AMD sank 9% and Intel slid 8% midday Tuesday, pulling the NASDAQ 100 down 3% via the QQQ. The drop follows year-to-date gains of 129% for AMD and 199% for Intel, with no single negative catalyst confirmed. Mizuho raised AMD's price target to $615 citing AI demand through 2027.