It's also worth noting that the equity's 14-Day Relative Strength Index (RSI) sits down at 37.6, on the cusp of 'oversold' territory, and indicating a short-term bounce was imminent. Plus, AMD's Schaeffer's Volatility Scorecard (SVS) sits at 71 out of 100, meaning it's tended to exceed options traders' volatility expectations in the past year.

Advanced Micro Devices' MI325x and upcoming MI350 series show promising value. Read what makes AMD stock a compelling investment.

Advanced Micro Devices stock, along with other chip stocks, are trading lower in sympathy with ASML, which fell after issuing soft guidance.

The following week, Reuters reported a victory over Intel to design a key chip for Sony 's PlayStation 6, and Citigroup reiterated AMD as a top AI pick. AMD also got a boost on the Fed's rate cut, gaining 4.5% on Sept. 19, along with a broader upswing in the market.

Santa Clara, California-based Advanced Micro Devices, Inc. (AMD) is a leading semiconductor company, specializing in high-performance and adaptive processor technologies. With a market cap of $253.2 billion,

The New York-based company is expected to announce its fiscal Q3 earnings results before the market opens on Tuesday, Oct. 29. Ahead of this event, analysts project the biopharmaceutical company to report a profit of $0.