Arguably, the only sane trade here would be to buy Intel and short AMD if you think the size of the move is greater than it should have been. However, there are many reasons not to do this until there is more information, and as that information comes out, it will likely be incorporated into the continual corrections in price. As to second order effects, don't count on this mattering. Unless you are planning on trading huge amounts of money, the risk/reward is probably not great. If you have to ask...