Amid escalating geo-political tensions, the Biden administration has decided to implement new restrictions on U.S. exports of semiconductor chips and chipmaking equipment to China. According to Advanced Micro Devices, Inc. (AMD), new license requirements prevent the shipment of its MI250 chips to China. While the company doesn’t see any consequent material impact, the stock has hit its 52-week low in recent trades on deteriorating investor sentiment.
Moreover, AMD lost 25.1% over the past month and 51.7% year-to-date to close the last trading session at $68.43. However, it might not be wise to scope up AMD shares right now, as it may not have bottomed out yet.
