AP Photo/Matthias Rietschel
- Chipmaker Advanced Micro Devices over the weekend quietly launched its AMD Radeon RX 5300, an entry-level gaming card.
- Shares of AMD jumped as much as 8% on Monday.
- The card is a competitor for a similar Nvidia product.
- Watch AMD trade live on Markets Insider.
- Read more on Business Insider.
Shares of Advanced Micro Devices surged as much as 8% on Monday after the company quietly launched a new entry-level graphics card set to compete with Nvidia.
The under-the-radar launch comes after the semiconductor company beat analyst estimates when it reported better-than-expected earnings in July, boosted by notebook and server processor sales. In addition, AMD raised its current-quarter guidance, saying it’s confident it can meet strong demand.
AMD has rallied throughout 2020 — shares are up as much as 99% year-to-date.
Read more: US Investing Championship hopeful Matthew Caruso landed a 382% return in the first half of 2020. He shares the unique twist he’s putting on a classic trading strategy — and 3 stocks he’s holding right now.