Barclays Downgrades AMD on Cryptocurrency Sustainability Concerns – TheStreet.com

Barclays cut Advanced Micro Devices Inc. (AMD) to "sell" from "hold" on concerns that the strong market for the company's GPU cards, which are used to mine cryptocurrencies, is not sustainable.

AMD shares were down 4% to $13.26 in premarket trading Tuesday.

"Bottom line, we are not at all bullish on the sudden surge on demand for GPU cards from cryptocurrency mining. We see a fair bit of similarities to what happened in 2013/2014, which was a more than a one-quarter bust for AMD, after the boom in cryptocurrency mining," Tuesday's note said.

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Barclays Downgrades AMD on Cryptocurrency Sustainability Concerns - TheStreet.com