AMD shares soar after firm wins meta-partnership and proclaims new chips

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Lisa Su, President and Chief Executive Officer of Advanced Micro Devices Inc. (AMD), presents the AMD Ryzen 4000 Series chip during an AMD press event at CES 2020 in Las Vegas, Nevada, USA, on Monday, January 6th 2020.

Bridget Bennett | Bloomberg | Getty Images

AMD shares rose nearly 10% on Monday after the company announced it had won Meta, formerly known as Facebook, as a chip customer.

AMD also unveiled a number of new chips during the company’s Accelerated Data Center Premiere keynote.

The announcements help cement the company’s advance against its competitors. AMD is in the process of stealing 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.

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

Su said Monday that more details about his partnership with Meta will be discussed at the Open Compute Project summit later this week.

– CNBC’s Kif Leswing contributed to this report.

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