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Thanks to the rising popularity of cryptocurrencies like Bitcoin and Ethereum, AMD has enjoyed a similar skyrocketing of its stocks. This is due to the company’s GPUs being used to mine coins. Unfortunately, every party has to come to an end and AMD itself warned that it’s coming soon. As a result, Wall Street decided to abandon ship, causing the company’s stocks to drop.
As CNBC notes, AMD’s most recent report was not what investors wanted to hear. The company was one of the best-performing stocks in the market up until CEO Lisa Su warned that the boost it was getting from cryptocurrency demands was about to end.
"We [are] predicting that there will be some leveling-off of some of the cryptocurrency demand," Su said during Tuesday’s earnings call. "As we look at it, it continues to be a factor, but we've seen restocking in the channels and stuff like that. So we're being a little bit conservative on the cryptocurrency side of the equation."
This caused mass panic among investors, who rushed to sell their shares before the value of the stocks plummeted, which they did. AMD’s stocks fell 11 percent by the time markets closed on Tuesday. Not exactly surprising, when the company forecasted a 15 percent drop in Q4 compared to Q3.
Some analysts believe that AMD is being a bit too negative on the prospect of cryptocurrency demands slowing down, Business Insider reports. Jefferies analyst Mark Lipacis believes that cryptocurrency is only going to become more valuable, which would make raise AMD’s stocks even more.
On the other hand, there are also analysts like Oppenheimer's Rick Schafer who believe that cryptocurrency is heading the way exactly according to AMD’s reports. If this is the case, there won’t be any doubt with regards to the decline of the company’s revenue for this year and the next quarter.
