AMD and other chip stocks are sliding as Wall Street rethinks the AI trade without Jensen Huang. That tells you how concentrated the AI bid is: pull the narrative anchor and semis get sold first.

What happened: AMD and other chip stocks slid as Wall Street reconsidered the AI trade without Jensen Huang, after early hopes that Nvidia's pain could benefit the rest of the sector faded. Why it matters: Investors are no longer confident that weakness in Nvidia will translate into gains for other chip makers, suggesting the AI trade is being reassessed across the sector. Coverage: 11 outlets in 24h

AMD and other chip stocks slid as Wall Street reconsidered the AI trade without Jensen Huang, after early hopes that Nvidia's pain could benefit the rest of the sector faded.

Investors are no longer confident that weakness in Nvidia will translate into gains for other chip makers, suggesting the AI trade is being reassessed across the sector.