Chipmaker AMD surges as much as 8% after launching Nvidia competitor card

AMD labAP Photo/Matthias Rietschel


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. 

Over the weekend, AMD put the Radeon RX 5300 GPU graphics card on its website without any other announcement. The card is a competitor to Nvidia’s GeForce GTX 1650 and undercuts it in price. 

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.

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