AMD stock plunged 23% in November due to AI competition, rising costs, and shifting investor sentiment.

AMD stock dropped nearly 23% in November, its worst month since 2022, amid growing concerns over AI competition, rising costs, and weakening tech sector sentiment. Despite a positive investor day highlighting its Helios AI platform, analysts remain skeptical about AMD’s market share gains. Slowing ChatGPT usage, higher memory prices, and investor shifts toward safer bets have fueled a sell-off. Momentum traders exited after a brief post-event rally, while Google’s Gemini 3 and TPUs are gaining ground, potentially challenging AMD and Nvidia. Broader market pressures from uncertain AI spending, Fed rate decisions, and supply issues also contributed.