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AMD’s new gig scores it a 10% share price jumpINTL

AMD’s new gig scores it a 10% share price jump

There’s a new sheriff around in the semiconductor chips arena and it’s AMD (AMD). The US-based company announced a few days ago a new client win and it looks like a big one: Meta (FB), previously: Facebook.

AMD held its product launch event, the Accelerated Data Center Premier conference a couple of days ago, where it announced a range of new chips aimed at taking on the big guns. If Intel (INTEL) wasn’t enough, the company announced new chips set to counter the likes of Nvidia and Ampere Computing in the supercomputing and cloud computing markets. New client wins like Meta were also announced, alongside news that deals with Alphabet (GOOGL), Amazon (AMZN), and Microsoft (MSFT) were in the works. AMD’s cloud-computing chip is set to hit markets in 2023, with its supercomputing play already out.

why it matters

AMD’s on the rise in the consumer-facing chip segment already by having given Intel a run for its money. Its foray into the enterprise segment with new chips and clients to match shows that the company has its sights set on some serious growth. The stock jumped by 10% after the event and it’s been up by 5.9% over the past five days.