Why AMD’s Stock Plunged 20% in Less Than a Week

Volatile price amid tough market battles.

Advanced Micro Devices has spent 2017 rolling out its new family of Ryzen chips for desktops and laptops, Epyc chips for servers, and Vega graphics cards. The fruits of several years of crash development under CEO Lisa Su, the new chips were supposed to get AMD back in the game against Intel intc and Nvidia nvda and regain some of its once significant market share that had been frittered away over the past decade.

But with basically all the new products now on the market, AMD’s stock price on Monday sunk as low as $11.07, below where it ended 2016 at $11.34. Monday’s plunge capped a four day, 20% drop since AMD amd reported third quarter earnings on October 24, failing to show the kind of sales growth that Wall Street had expected would be more obvious by now. Over the same period, Intel has gained 9% on the strength of its third quarter earnings while Nvidia, which doesn’t report earnings until November 9, is up 3%.

The problem, at least so far, seems to be slower sales to video game enthusiasts, as the Ryzen desktop chips lagged some of Intel’s fastest silicon for popular games and the Vega graphics architecture was costly to produce, blunting AMD’s ability to compete on price with Nvidia’s graphics cards.

“While Ryzen did meet the performance benchmarks that AMD claimed, making it a solid choice for workstations using highly threaded applications, the single threaded gaming performance has underwhelmed,” Morgan Stanley analyst Joe Moore wrote in a report on Monday downgrading the stock to “underweight” with an $8 price target.

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“Building a chip that outperforms Intel for highly threaded applications on a budget that is a fraction’s of Intel is certainly an impressive engineering achievement, but most high-end consumer purchases are oriented towards gaming, while applications that value higher multicore performance tend to be in corporate markets that are slower to adopt AMD,” Moore explained.

AMD’s third quarter sales grew 26% to 41.6 billion and the company reported net income of $71 million—its first real profits since 2014. AMD did not, however, raise its forecast for fourth quarter sales and profit as much as some investors hoped, igniting the recent sell-off.

Still, one of AMD’s most potent new products, chips for laptops that combine Ryzen and Vega designs, have only just been announced. A few laptop makers have announced they will use the combo chips this year, but the bulk of manufacturers won’t until early 2018.

Apple iPhone Sales in China Soar After 18 Months of Decline

But Apple is still far behind its China-based competitors.

Apple has finally stemmed its losses in China. But the success might only be short-lived.

The tech giant’s iPhone sales in China for the third quarter hit 11 million units, up from 8 million units sold during the third quarter of 2016, according to researcher Canalys. Better yet for Apple, it was the first time in six quarters that the company registered higher year-over-year iPhone sales. It’s also Apple’s best iPhone sales performance in China in two years.

But there’s a problem.

According to Canalys, which analyzes the Chinese smartphone market each quarter, Apple’s success in the third quarter was due only to “pent-up demand of iPhone upgraders.” Looking ahead to the fourth quarter, Canalys research analyst Mo Jia thinks Apple’s shipments will again decline.

“Apple is unlikely to sustain this growth in [the fourth quarter,” the analyst said.

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China is an exceedingly important market for Apple that generates the company billions in revenue each quarter. However, Apple’s China sales across all products, including the iPhone, have dropped precipitously over the last couple of years. Concerned that a major market might be turning its back ever so slightly on Apple, investors have asked for answers.

Apple’s AAPL executive team has continued to say that China is critical to the company’s future. The team also believes that the recent declines are short-lived and reflect early success that is now self-correcting. Ultimately, Apple believes China sales will return to growth.

Looking ahead, Canalys said that Apple’s upcoming iPhone X is attracting demand, but its high price and low supply could combine to garner few sales and ultimately won’t help iPhone sales in the country.

Apple will report its fiscal fourth quarter earnings, which include China sales data, on Thursday.