Story · AMD
AMD, Marvell, Intel Fall as AI Chip Trade Narrows to NVIDIA
On July 28, 2026, shares of AMD, Marvell, Intel, and Arm fell sharply (6-9%) while NVIDIA and Broadcom held relatively flat, indicating a rotation within the AI chip trade. The sell-off is attributed to profit-taking in high-beta, richly valued second-tier names ahead of major Big Tech earnings from Microsoft and Meta Platforms on July 29. Despite the drop, AMD, Marvell, Intel, and Arm are still up over 100% year-to-date. The article highlights valuation disparities, with Arm trading at 289x trailing earnings and AMD at 150x, compared to NVIDIA's 30x multiple, as a key driver of the market's flight to leaders.
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