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Shares of Advanced Micro Devices, Inc. (NYSE: AMD) experienced a sharp decline in share price afterhours Monday on the heels of no apparent news.
Shares closed Monday's session at $2.74, up 0.74 percent, then sold off roughly 18 percent to an after-hours low of $2.22.
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In Tuesday's session, shares were trading around $2.62, down 4.5 percent.
In response to the stock price decline, Benzinga reached out to multiple analysts on Tuesday.
While most analysts were dumbfounded by the drop, multiple analysts noted that the price drop may have been caused by one large seller.
FBR analyst Christopher Rolland noted a possible rumor as the cause of the drop -- one of Advanced Micro Device's largest customers, Asustek, is no longer seeking a partnership with the company.
On the other hand, a DigiTimes article offered a counter-argument on the Advanced Micro Devices/Asustek relationship.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.