Chip giant Advanced Micro Devices slumped, and dragged peers such as Intel and others lower in after hours trading after the company released preliminary Q3 results which fell were a disaster, some 20% below analyst the company's own guidance from just two months ago, and sparking fresh concerns about a sputtering market for personal-computer chips which has sent Intel to the lowest level in seven years.

AMD reported that Q3 revenue was about $5.6 billion, which was +29% Y/Y, was far below the average estimate $6.71 billion.

The company said that "preliminary results reflect lower than expected Client segment revenue resulting from reduced processor shipments due to a weaker than expected PC market and significant inventory correction actions across the PC supply chain."