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AMD shares fall as analysts worry AI chip targets may be ambitious

The fall came amid a broader sell-off in the tech sector that saw megacap stocks fall 1.5% to 5% and the Philadelphia SE Semiconductor Index drop 3.5%. AI has been a key theme in the chip sector so far this year, driving shares of chip companies and helping Nvidia become the first and only semiconductor firm to be valued at more than a trillion dollars. Investors hope AMD will emerge with a challenger chip to Nvidia's most powerful AI semiconductors and help in fulfilling strong demand for chips that can power applications like chatbot ChatGPT.