Advanced Micro Devices Inc. (NASDAQ:AMD) CEO Lisa Su brushed off Wall Street’s growing unease over artificial intelligence spending on Thursday, even as her own company’s stock sank with the rest of the chip sector.
"I think the market can sometimes be a little bit short-sighted. It is what it is," Su said in an interview with Yahoo Finance.
The timing was hard to miss. AMD shares fell as much as 17% during the session, according to Benzinga Pro market data.
Su’s Long View Su framed Thursday’s broad market selloff against a much longer timeline. "I believe very deeply that computing, in many ways, equates to intelligence," she said.
In her view, more compute makes a company smarter, better equipped to solve problems and faster to grow. " "I’ve always operated that way," she added.
She sees no slowdown coming. "Over the horizon, I see AI and super intelligence becoming more and more essential to every aspect of our lives and every aspect of our business," Su said.
" Read Also: SanDisk Leads Memory Stocks Lower: A Look Inside the Rout Chip Stocks Take a Beating The Nasdaq Composite fell more than 5% and was on track to confirm a correction from its record high, while the S&P 500 dropped more than 3% and the Dow lost more than 2%. The Philadelphia Semiconductor Index slumped about 10% as doubts over the AI trade grew in the face of massive spending from hyperscalers.
Qualcomm Inc. (NASDAQ:QCOM) shares fell as much as 14% after the company’s smartphone chip sales missed Wall Street estimates.
Nvidia Corp. (NASDAQ:NVDA) dropped as much as 9%.
AI server maker Dell Technologies Inc. (NYSE:DELL) fell as much as 15%, and data center operators IREN Ltd.
(NASDAQ:IREN), Hut 8 Corp. (NASDAQ:HUT) and Applied Digital Corp.
(NASDAQ:APLD) declined as much as 14% to 21%, according to Benzinga Pro data. Big Tech offered no shelter.
Microsoft Corp. (NASDAQ:MSFT), Alphabet Inc.
com Inc. (NASDAQ:AMZN) supported the indexes with gains on Wednesday but got pulled into Thursday’s downdraft.
Thursday’s selloff could become the Nasdaq’s worst day since the April 2025 tariff panic. See More: Top Growth Stocks Why Investors Are Spooked Investors worried a Democratic-controlled Congress could slow investment in AI infrastructure.
Candidates who opposed data center expansion, some campaigning on moratoriums for new developments, won races in Texas and Georgia. Pressure had been building for weeks.
The Nasdaq shed more than $2 trillion in market value in October, and earnings from Alphabet and Meta Platforms Inc. (NASDAQ:META) failed to reassure investors about returns on AI spending.
65 at the time of publication on Thursday, according to Benzinga Pro data.
