AMD (AMD)
Daily Read — Wednesday 3 June 2026
Current Price
$161
Session Tone
Weak
What Happened Today
AMD traded near $161 in a session where semiconductors broadly came under pressure. The stock has been in a challenging position relative to Nvidia — it has the AI chip narrative but lacks the same dominant market positioning, which means it gets the selloff alongside NVDA without always getting the proportional rally when AI sentiment is positive.
Thursday’s Broadcom earnings are a direct read-through for AMD. If AVGO reports strong AI chip demand with confident guidance, AMD would likely benefit from the positive sector sentiment. If AVGO disappoints, AMD faces a more difficult path given its less dominant position in the AI accelerator space.
The $158 level is the near-term support that needs to hold. AMD has been in a range between roughly $155 and $175 for several weeks, and today’s session puts it in the lower half of that range.
Key Levels
| Level | Price | Significance |
|---|---|---|
| Resistance | $175 | Range top |
| Pivot | $161 | Current level |
| Support 1 | $158 | Key demand / range bottom |
| Support 2 | $148 | Monthly base |
Current Bias
Lower half of range with macro pressure and a sector catalyst pending. The risk skew is to the downside until AVGO earnings provide clarity.
What to Watch Tomorrow
- AVGO earnings — the AI chip sector read-through
- $158 support hold before that catalyst
- NVDA direction as the leading semiconductor name
- Any analyst commentary on the MI300X data centre ramp
Risk Assessment
High. Around 67% risk environment. Sector event risk plus macro headwinds plus range-bottom positioning creates significant uncertainty through Thursday.
This content is for informational purposes only and does not constitute financial advice. Past performance is not indicative of future results. Trading involves risk of loss. Always conduct your own research before making any investment decisions.