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AMD Sinks on Concerns the Rally Has Gone Too Far

Elena Popina
Advanced Micro Device Inc. Radeon RX 570 graphic processing units (GPU), left, an an Intel Corp. heat sink and fan (HSF) for a central processing unit (CPU), right, are seen inside a cryptocurrency 'mining rig', right, sitting on a desk in the office of Open Computing Pte Director Wilson Josup in Singapore, on Tuesday, Jan. 23, 2018. The volatile and mysterious world of cryptocurrencies is now a shopping mall away -- at least in Singapore. Ready-made computing machines used to facilitate transactions in Bitcoin and other digital currencies have appeared on the city-state's shop shelves even as its central bank sounds a note of caution.

A gain of as much as 6 percent early Thursday proved unsustainable for Advanced Micro Devices Inc., as the shares plummeted in afternoon trading amid concern that the year’s most divisive success story may be finally hitting a wall.

After touching a 12-year high, the stock fell as much as 7.3 percent in New York. The abrupt 13 percent U-turn yanked more than $4 billion from the stock’s valuation from its peak to session low. AMD remains the year’s top performer on the Standard & Poor’s 500 Index with a 193 percent return.

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