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Advanced Micro Devices (NASDAQ: AMD) plunged by nearly 2% in Friday afternoon trading, extending a shaky stretch for semiconductor names amid a cautious sentiment.

Even though the broader indices remained steady today, the investors are weighing oil prices, geopolitical tension and renewed concerns about AI chip exports.

Friday's pullback in AMD stock added to Thursday’s decline, when AMD closed down 3.46% at $197.74, leaving the stock vulnerable to another bout of risk-off selling heading into the weekend.

Oil shock and market mood

The biggest drag on sentiment on Friday was crude oil, which stayed near levels that have unsettled Wall Street all week.

Brent crude traded above $101 a barrel on Friday, while West Texas Intermediate rose to about $96.30, as Iran intensified attacks in the Strait of Hormuz and the US prepared to deploy warships and additional Marines to the region.

Even though oil briefly eased after Washington allowed countries to buy sanctioned Russian oil already in transit, prices remained high enough to keep investors on edge.

That backdrop has been especially difficult for chip stocks, which are often among the first to get sold when investors rotate away from risk.

AMD, already under pressure from earlier company-specific concerns, was caught in that broader move on Friday.

AMD stock: Warning or buying chance?

Beyond the macro selloff, AMD is still dealing with worries tied directly to its AI business and growth outlook.

The stocks of chip giants like AMD and Nvidia came under pressure following reports that the US officials were considering broader export controls on AI accelerators.

The plan could potentially include requiring licenses for all such shipments rather than limiting restrictions to a narrower list of countries.

That matters because AMD is in the middle of an aggressive push to expand sales of its MI-series AI processors.

Despite the broader headwinds, the analysts remain fairly bullish on the AMD stock.

Public.com’s analyst roundup shows AMD carries a consensus Buy rating from 34 analysts, with 41% at Strong Buy, 38% at Buy and 21% at Hold.

The same data set puts the average 12-month price target at about $265.18, implying analysts still see meaningful upside from recent trading levels.

Among individual firms, Wells Fargo reiterated an Overweight rating and a $345 target in January, citing AMD’s CPU leadership and AI product roadmap.

By contrast, Goldman Sachs stayed Neutral with a $210 target, while RBC Capital kept a Sector Perform rating and a $230 target.

Still, the optimism is no longer unqualified.

The stock remains under pressure, especially after its latest quarterly results, as some investors and analysts raised concerns about AMD's outlook.

The analysts pointed to sequential revenue decline and highlighted how hard it will be for AMD to close the gap with Nvidia in AI chips.