AMD Limps Into 2018 as Chipmaker Goes From First Place to Last

Advanced Micro Devices finished 2017 dead last in the Philadelphia Semiconductor Index after quadrupling in 2016, according to Bloomberg.

The gains catapulted the chipmaker to the best return among technology companies in the Nasdaq Composite Index. It also ratcheted up expectations for financial performance that AMD was unable to meet.

AMD was one of only four companies in the 30-member semiconductor index to lose value in 2017. Semiconductor stocks, led by Micron and Nvidia, were among the year’s best performers with a 38 percent gain.

Despite falling 9.4 percent last year, AMD is still up more than 250 percent since the beginning of 2016 and there are signs that 2018 could be brighter. The company is poised for further server design wins in coming months and gross margins should improve throughout the year.

That hasn’t deterred bears from increasing bets against AMD. Nearly a quarter of outstanding shares are being utilized by short sellers, a 52-week high, according to Markit data.