⬆Stock price hit new ATH after Meta (i.e. Facebook) announced that will use AMD chips
AMD (AMD.US) stock jumped 10% during today's session following news that Meta (formerly known as Facebook) will be using their chips at their data centers. AMD explained the two companies worked together to develop a high-performance, power-efficient processor based on the company's 3rd Generation EPYC processor. AMD also revealed a range of new chips during the company’s Accelerated Data Center Premiere keynote. The high-profile win accompanied a number of bulletins from AMD, together with some specifics round upcoming EPYC processors codenamed “Genoa” and “Bergamo.” AMD dubbed the Genoa processor as the "world’s highest performance processor for general purpose computing".
Today's news followed the announcement that Microsoft is to use the new AMD Milan X chips in Azure. Also AMD is in the process of taking market share from market leader Intel as other cloud providers like Amazon and Google buy its chips to run their services.
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Last week AMD (AMD.US) stock broke above resistance at $137.25 which coincides with the upper limit of the ascending channel. Today AMD stock extended upward move following the announcement and reached a new all-time high at $153.50. Source: xStation5
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