Shares of Advanced Micro Devices Inc. slid 3.5% in midday trade Thursday, on track for a fifth-straight loss, amid a broad selloff in chip and other technology stocks. AMD’s stock has now lost 11% since it last closed up, at a 2 1/2-month high of $14.38 on June 22. On Thursday, the stock shed 1.3% amid growing concerns that upcoming chip offerings from Nvidia Corp. could threaten AMD’s dominance in the cryptocurrency market. Nvidia’s stock slumped 3.3%. Meanwhile, the PHLX Semiconductor Index shed 2.4% to a six-week low and shares of industry leader Intel Corp. dropped 1.4%. The tech-heavy Nasdaq 100 lost 1.8% and the S&P 500 gave up 0.8%.
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