AMD shares plunge after Intel says it can make enough chips to meet its guidance

AMD shares are dropping sharply Friday after its main competitor reassured investors about its ability to make enough chips to meet demand.

Intel's interim CEO Bob Swan said the chipmaker has enough supply to meet its full-year revenue outlook in a letter posted on the company's website.

Advanced Micro Devices shares are down 7 percent Friday, while Intel's stock rose 4 percent.

Last week Jefferies told its clients AMD could triple its market share due to Intel's chip shortage issues.

Earlier this month, J.P. Morgan said Intel isn't making enough processor chips to meet demand and that will be a problem for PC sales this holiday quarter. The firm estimated the Intel processor and chipset shortage will hurt fourth-quarter PC shipments by 5 percent to 7 percent.

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