Ethereum going PoS => gpus for mining not needed. Gpus will flood aftermarket from the miners and retail consumers can buy gpus cheap, thus reducing sales. Roughly 20B$ worth of gpus will be unusable which is more than AMDs yearly earnings. Granted AMD does not have 100% market share(NVIDIA). But this should greatly affect their gpus sales late 2022 and early 2023. Also the FED is raising rates and starting to tighten up, which could affect growth stocks and tech negatively if the market becomes risk off. I think this thesis can be applied to NVIDIA as well although AMD gpus are a bit more popular among the miners.
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