Sure, Advanced Micro Devices ( AMD) was reporting its quarterly results, but the world's second-largest economy loomed large after the chipmaker’s earnings fell short of expectations and raised concerns about the timing of a restart of shipments to China.

On the top line, AMD generated sales of $7.69 billion, representing a 32% lift from the year-ago period. This tally also exceeded the consensus view of $7.42 billion. Still, it wasn’t enough to convince investors to hold onto AMD stock,