Advanced Micro Devices slips as it gets set to unveil Ryzen 7000 CPUs on August 29th
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Advanced Micro Devices (NASDAQ:AMD) slipped on Tuesday even as the semiconductor company said it would show off its new Ryzen 7000 desktop CPUs based off the new Zen 4 architecture latest this month. 
AMD (AMD) said the announcement will take place on August 29 at 7 p.m. EST on the company's YouTube channel.
Speaking at the event will be AMD (AMD) Chair and Chief Executive Dr. Lisa Su, CTO and EVP Mark Papermaster, as well as other AMD executives.
AMD (AMD) fell roughly 0.5% to $100.48 in mid-day trading. 
The Ryzen 7000 series is expected to compete with Intel's (NASDAQ:INTC) 12th-Generation core CPUs and may even go after Nvidia's (NASDAQ:NVDA) Grace CPUs, depending upon specifications and technical prowess.
Last month, AMD (AMD) reported strong second-quarter results, aided by the company's client segment, which includes PC processors, as sales rose 25% year-over-year to $2.2B. Overall revenue for the period was $6.55B.
On Tuesday, investment firm Citi maintained its neutral ratings on Intel (INTC) and AMD (AMD) after the bank pointed to continued declines in notebook shipments, raising the risk for more downside for both semiconductor companies.
Saudi Arabia's sovereign wealth fund took a stake in Advanced Micro Devices (AMD) during the second-quarter, along with several other major changes to its portfolio.