Advanced Micro Devices Inc. (AMD) stock tumbled more than 3% in pre-market trading on Wednesday after HSBC analysts double downgraded the stock to ‘Reduce’ from ‘Buy’, slashing their price target on the shares by nearly half to $110 from $200.

Key Takeaways Advanced Micro Devices shares fell Wednesday after a double downgrade by analysts at HSBC to "reduce" from "buy."The firm cut its forecast for AMD's artificial intelligence chip revenue in 2025 and said an upcoming chip from the company is unlikely to compete with Nvidia's offerings.

Strategists at HSBC led by Frank Lee lowered their price target on the shares to $110 from $200 and cut the rating to Reduce from Buy.

HSBC (LON:HSBA) analysts on Wednesday downgraded AMD (NASDAQ:AMD) stock to Reduce from Buy, and nearly halved their price target to $110 from $200, citing a less competitive AI GPU roadmap. The analysts believe that AMD's ability