AMD started the A.I. Bubble's final Bear Cycle.

2.5 months ago (October 27, see chart below), we gave a bold sell signal on Advanced Micro Devices (AMD), which at the time was against the prevailing bullish market sentiment but started to pay off immediately as the market topped and got rejected:

We still view that Top as the Higher High of its 6-year Channel Up, hence expecting the rejection to evolve into a technical Bearish Leg (Bear Cycle), targeting $110.00.

On today's analysis, we take the long-term horizon a step further as we go back to 1984 and the start of AMD's multi-decade Higher Highs trend-line, a Resistance level that has historically pushed the stock to its key market Tops.

On this 1M time-frame, we have pointed out the Dotcom (Internet) Bubble comparing it with the current A.I. Bubble. As you can see there are strong similarities between the two eras and more specifically the symmetry among their Bullish and Bearish Legs. As mentioned on the previous analysis, the current fractal has technically topped, and is now starting the new Bearish Leg towards $110 and the 1M MA100 (green trend-line).

During the Dotcom Bubble when that corresponding final Bearish Leg was completed, the market started is final parabolic rally that peaked marginally above the 1.618 Fibonacci extension and the Bubble burst.

For investors that have a long-term multi-year horizon, that translates for the A.I. Bubble into a $435 Target by 2030.

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