Millennial investors are getting smoked on a tech stock that's crashing (AMD)

The most popular stock with millennial investors on Robinhood, a no-fee stock trading app, is tanking.Chip maker Advanced Micro Devices isdown 18.2%, or $2.48, at $11.14a share, after the company announced it expects second quarter gross margins to come in at about 33%, down slightly from the first quarter reading of 34%.AMD is the number one stock held by millennialson Robinhood, according to company data scientistDr. Sahill Poddar. AMD is also a popular stock for Robinhood's non-millennial users, ranking fifth behind Apple, Amazon, Tesla and Facebook.That means that Tuesday's downturn for AMD could lighten the wallets ofa large number of Robinhood's users.The stock trading apprecently earned "unicorn" status after a $1.3 billion valuation, driven by itstwo million accounts, according to cofounder Baiju Bhatt.Robinhood became a favorite among younger people looking to invest without paying transaction feesafter it launched in December 2014. The app's sleek and simple aesthetic lured in manyfirst-time investors that made up the app's first big wave of users.SEE ALSO:The groundbreaking app turning millennials into stock traders is now said to be worth more than $1 billionJoin the conversation about this storyNOW WATCH: People are outraged by this shocking video showing a passenger forcibly dragged off a United Airlines plane
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