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# The chip trade cracked on Friday and AMD was the worst stock in the S&P 500
- URL: https://www.sharespective.com/stories/chip-trade-cracked-friday-amd-worst-2026-11-14/
- Published: 2026-11-13T22:15:02.000Z
- Updated: 2026-11-14T02:50:43.000Z
- Description: AMD closed at US$534.06 on Friday, down 8.75% and last in the S&P 500. Broadcom fell 4.76% to US$347.01, Micron about 5% and SanDisk about 9%.
- Author: Shaun Botha
- Tags: Semiconductors, #story, #group-tech, AMD, Nvidia, Broadcom, Cisco

AMD closed at US$534.06 on Friday, down 8.75% and last in the S&P 500\. Broadcom fell 4.76% to US$347.01, Micron about 5% and SanDisk about 9%.

**This was Monday's trade running backwards.** AMD rose 13.26% that day as money came out of Nvidia and into its nearest rival. It kept going all week and reached US$585.30 on Thursday, which left plenty to give back.

Two downgrades landed the same morning. HSBC's Frank Lee cut Nvidia to hold with a target of US$170 against US$365, and Rothschild & Co Redburn's Mike Harrison moved Broadcom to neutral at US$398 against US$595\. Nvidia fell 2.01% to US$162.85 and closed worth less than US$4 trillion for the first time since 2025.

![Chart: AMD's value ran far ahead of its sales. Two scales: sales by year (left) and market value at each year end and Friday's close, US$875.9bn (right), in US$bn. 2026 is not yet a full year.](https://storage.ghost.io/c/02/71/0271df32-cec6-421f-9f13-b06ab90e54c1/content/images/2026/11/chip-trade-cracked-friday-amd-worst-2026-11-14-chart.jpg)

This story’s chart of the day.

Harrison's objection was about who pays for the chips. Broadcom has written financing guarantees to help Anthropic and OpenAI buy them, and he wants to see both laboratories paying their own way before he pays up for the earnings.

Cisco had the day's oddest result. Revenue of US$18.5 billion was a record, up 24%, and the company raised its full-year forecast. The shares fell 6.24% to US$95.64, because gross margin dropped about 250 basis points and product orders grew 21% after 35% the quarter before.

The verdict 

our read is that the market has started pricing what AI revenue costs rather than how quickly it arrives, and Cisco's margin is the clearest evidence of that yet. Nvidia's result on Tuesday will get the same treatment.

[ This story ran in The Chip Trade Unwinds Saturday 14 November’s edition, with the market snapshot, the other two stories, the numbers and the week ahead. Read the whole edition → ](https://www.sharespective.com/sharespective-2026-11-14/)