Advanced Micro Devices shares slumped more than 6.6% to $482.53, erasing nearly $59 billion in market value in a single session. The decline was triggered by the company's latest quarterly revenue guidance falling short of investors' high expectations, compounded by news that SpaceX will exclusively use rival chips.

Although AMD's recently released financial results were broadly positive, they failed to fully match the capital market's intense expectations for explosive growth in the artificial intelligence sector. Data shows AMD forecast third-quarter revenue of approximately $13 billion, which is above the $12.52 billion previously estimated by industry analysts. Its core data center business revenue doubled to $6.72 billion, surpassing market expectations.

Multiple financial research institutions point out that due to strong earnings reports from other industry players and AMD's recent sharp share price rally, the capital market had already priced in bullish sentiment and set an extremely high bar for evaluation. This caused the company's objectively solid performance to fail to boost its stock price effectively.

On the competitive front, SpaceX CEO Elon Musk decided to exclusively use Nvidia chips to build its computing infrastructure, a move that added further downward pressure on AMD's stock. In response, Nvidia shares rose 3.3% in early trading that day. Previously, in an effort to close the market gap with Nvidia and Intel, AMD had inked agreements with Anthropic and Core Scientific last month to try and win more core clients.

Since the start of the year, AMD's share price has more than doubled, driven by the market's view of it as the preferred alternative to Nvidia in AI chips. This created an even more stringent market environment for the latest earnings release. Looking ahead, AMD CEO Lisa Su emphasized that the company expects its data center business revenue to more than double by 2027, with overall revenue growth also surpassing the previously set 35% target.

Regarding industry prospects, analysts at J.P. Morgan and other firms warn that supply chain constraints remain a key risk for companies. In particular, projects relying on TSMC's N3 process and CoWoS chip packaging technology may face tight capacity conditions extending into 2027.