Advanced Micro Devices (NASDAQ: AMD) stock is losing ground Thursday. The semiconductor company's share price was down 5.6% as of 3 p.m. ET. Meanwhile, the S 500 (SNPINDEX: ^GSPC) declined 0.8%, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) fell 1.3% in the session.

AMD stock is sinking amid a new round of bearish macroeconomic data. Concerns that valuations for artificial intelligence (AI) companies could be overly elevated are also factoring into the pullback.

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Source Fool.com