Shares of chipmaker Advanced Micro Devices (AMD +11.04%) lost about 17% of their value in one session on Thursday, Nov. 5, closing at $404.40. The company itself didn’t announce anything new that day.

Instead, chip stocks sold off across the board as election wins by candidates who vowed to limit artificial intelligence (AI) data centers fueled rising worries about the AI boom. The Philadelphia semiconductor index fell 12.3%, its worst day since March 2020.

After AMD’s third-quarter results on Nov. 3, I wrote that I’d consider buying the stock if it traded around $480. That price was 30 times the non-GAAP (adjusted) earnings per share analysts expect AMD to post in 2027 on average, which is about $16. Thursday’s close is around 16% below…