KKM Financial CEO Jeff Kilburg recently said his firm trimmed its AMD position ahead of the latest pullback after semiconductor stocks became “frothy.”However, he emphasized that the broader artificial intelligence trend “is not broken” and said he is watching AMD for a potential opportunity to rebuild exposure, signaling continued confidence in the company’s longer-term outlook.Technical AnalysisAMD is still in a strong longer-term uptrend, up 285.84% over the past 12 months, and it remains well above its 50-day, 100-day, and 200-day moving averages.The near-term picture is more mixed, with the stock trading 2.2% below its 20-day SMA ($476.53), which often acts like a “line in the sand” for short-term trend control.The moving-average structure stays bullish overall: the 20-day SMA is above the 50-day SMA, and the 50-day SMA is above the 200-day SMA (a golden cross that occurred in July 2025).That said, after the June run that set both a swing high and the 52-week high, the stock is now acting more like it’s digesting gains than accelerating.Momentum is best explained by MACD right now: MACD is below its signal line and the histogram is negative, which points to upside pressure cooling versus the prior upswing.In plain English, when MACD is below its signal line, it often means the trend is still up, but the “engine” behind the move is losing some torque unless buyers step back in.From a levels perspective, the stock is hovering right near a key decision zone: