Advanced Micro Devices Inc. (AMD) stock surged more than 10% in pre-market trading on Tuesday morning after the chipmaker announced an expanded, multi-year partnership with Meta Platforms Inc.
The move could significantly strengthen AMD’s position in the fast-growing artificial intelligence chip market.
Under the agreement, American tech giant Meta will purchase millions of chips from the processor manufacturer. The partnership could also see Meta take an equity stake in AMD, according to AFP.
(This is a developing story. Check for updates)