Advanced Micro Devices (AMD) shares fell on Friday. Zacks Research downgraded the stock from a strong-buy to a hold. This rating change shifted sentiment for the chipmaker.
The broader semiconductor sector faces pressure following Broadcom's disappointing AI-related guidance on June 4. This outlook prompted investors to reassess the rapid growth in AI demand.
A stronger-than-expected U.S. jobs report intensified the market decline. The data diminished hopes for near-term interest rate cuts. This report triggered a sell-off in growth and technology stocks.