AMD shares close up 10% after company wins Meta partnership, announces new chips

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  • AMD’s shares jumped on Monday when the company announced that it had won Meta, formerly known as Facebook, as a chip customer.
  • AMD also revealed several new chips during the keynote for the company’s Accelerated Data Center Premiere.
  • The company’s stock closed up 10%.

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Shares of AMD closed up 10% on Monday when the company announced that it won Meta, formerly known as Facebook, as a chip customer.

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AMD also revealed several new chips during the company Accelerated Data Center Premier Event.

The announcements help push the company against its competitors. AMD is in the process of taking market share from market leader Intel as cloud providers like Microsoft, Amazon and Google buy its chips to run their services. AMD has gained some performance advantages over competing Intel processors in recent years.

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Last month, AMD CEO Lisa Su said that its data center chip sales doubled on an annualized basis in the most recent quarter and accounted for 20% of the company’s sales. The data center chips are part of AMD’s embedded, enterprise and semi-custom segments, which reported sales of $1.9 billion last quarter, up 69% year over year.

Su said on Monday that additional details on its partnership with Meta will be discussed later this week during the Open Compute Project summit.

– Businesshala’s Keef Lacewing

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