Things are starting to move fast.

Overnight, AMD stunned investors when it preannounced shockingly bad revenue and margin numbers, making a mockery of its own guidance from August, and signaling that between then and now - i.e., September - the global economy fell off a cliff.

The result pummeled AMD stock, hammered its chip sector peers and has nuked the broader Nasdaq which was down 3.5% at last check.