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MarketWatch First Take: AMD’s poor outlook, crypto-chip slowdown intensify swoon in semiconductor sector

Chip maker Advanced Micro Devices Inc. compounded market jitters about the semiconductor industry Wednesday with news that it has a glut of graphics chips that are no longer a hot commodity among cryptocurrency miners.

On Wednesday, AMD AMD, -9.17%AMD, -9.17%reported light third-quarter revenue and a weak outlook for the fourth quarter, sending its recently hot shares tumbling more than 25% in after-hours trading. News of an inventory glut of its graphics processors, on top of a tepid forecast, seemed to confirm for investors that any hoped-for gains from Intel Corp.’sINTC, -4.67% manufacturing missteps may not be as great as expected.

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