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Tech Stocks Set for More Pain as AMD Revives Earnings Fears

  • AMD preliminary results send shares of peers lower post-market
  • Samsung reports profit dropped for first time since 2019
Updated on

Technology stocks are facing more pain after chipmaker Advanced Micro Devices Inc. revived fears about the upcoming earnings season after warning that third-quarter sales were softer than expected.

AMD blamed disappointing preliminary results on weakness in the personal computer market, sending its shares and those of other companies involved in the sector lower in postmarket trading. AMD, Nvidia Corp., Intel Corp. and Microchip Technology Inc. were among chipmakers down more than 2%, while computer makers HP Inc. and Dell Technologies Inc. also fell.