Why AMD Stock Fell Over 5% Today

·2 min read

Shares of chip designer AMD (NASDAQ: AMD) were down 5.4% today as of 12:45 p.m. ET. Specifically, AMD said this morning it is looking into a claim by cybercrime group RansomHouse, which says it stole 450 GB worth of data (various network files and general company info) earlier this year thanks to weak password protection at the semiconductor company. GPUs are also used in cryptocurrency mining, and now that the crypto market has tanked, some miners are flooding the secondary market with their old GPUs.