That's ridiculous. There was a massive uptick in short interest the day of earnings. 50 million additional shares short in the low 4s. Now the stock is in the low 3s. That's brilliant. We see a little covering this morning, but nothing close to the massive now 170 million shares short interest. A little profit taking by smart shorts at the expense of goofy longs forced to sell.
The bet, though, seems to be on low 2s since the big majority of shorts aren't budging. Of course many of the longer term shorts are short from the 8s, meaning that there's virtually nothing that can happen to force them to cover. Because AMD has so many shorts locked in in such unassailable positions, the stock has very limited upside.
As others have said, hedge funds do in fact control the price of this stock. Thank Rory's incompetence and the tumble to $1.81 for that.