A broad global technology selloff dominated markets in the week of 23 June 2026, with US equity futures declining sharply and semiconductor names under particular pressure [Brief - 2026-06-23]. Samsung and SK Hynix led losses in the sector as South Korea's Kospi index fell 10% from its recent record high. Earlier in the period, geopolitical developments centred on the Strait of Hormuz shaped macro sentiment, with a US-Iran interim ceasefire announced on 15 June contributing to lower oil prices and a recovery in equity and bond markets [Brief - 2026-06-15]. Micron's earnings remained a closely watched data point for the broader semiconductor sector as of 24 June [Brief - 2026-06-24].
AMD's trailing twelve-month revenue stood at $37.45 billion as of 28 March 2026, representing year-over-year growth of 37.8% [SEC 10-Q - AMD - 2026-03-28]. Net income over the same period was $5.01 billion, with a net margin of 13.37% and a gross margin of 50.28%. EPS grew 90.9% year-over-year. The company held $5.59 billion in cash against total debt of $3.22 billion, giving a net cash position. The trailing P/E ratio stood at 170.41, with a market capitalisation of approximately $847.2 billion [SEC 10-Q - AMD - 2026-03-28].
Insider activity over the 30 days to June 2026 comprised 34 transactions with a net direction of selling and a net disposed value of approximately $66.3 million [SEC Form 4 - AMD - 2026-06]. On the institutional side, ownership changes were mixed. Citadel reduced its AMD position by 23% and Bridgewater reduced by 22%, while Millennium added 31%, AQR Capital added 46%, and ARK Invest added 5.4% to their respective positions [SEC 13F - Citadel - Q1 2026; SEC 13F - Millennium - Q1 2026; SEC 13F - ARK Invest - Q1 2026; SEC 13F - Bridgewater - Q1 2026; SEC 13F - AQR Capital - Q1 2026]. These divergent moves across major institutional filers represent the primary trigger for this report.
The US 10-year Treasury yield stood at 4.50% and the 2-year at 4.16% as of the report date, reflecting a normal yield curve configuration [FRED DGS10; FRED DGS2]. This spread of 34 basis points indicates short-term rates remain below long-term rates, a shift from the inverted conditions that persisted through much of 2023 and 2024.