AMD Targets $200 After Company Announces Meta Partnership
The shares of AMD are up by more than 12% today after the chip manufacturer announced that it had won a partnership with Meta, formerly known as Facebook.
AMD Partners with Meta
Advanced Micro Devices Inc. (AMD) announced earlier today that it had secured a partnership with Meta, formerly known as Facebook. Its partnership with the social media and metaverse giant has sent its stock price soaring since the US market opened a few hours ago.
AMD has now become Meta’s chip customer as the social media giant seeks to start manufacturing metaverse hardware devices. Facebook rebranded to Meta a few weeks ago and is planning to launch its retail outlets. However, Meta hasn’t set an opening date for the retail outlets.
AMD securing a deal with Meta is a huge deal for the chip manufacturer, giving it an edge over the other competitors such as Qualcomm, Nvidia and Intel. The company also launched a range of new chips during its Accelerated Data Center Premiere keynote.
AMD Could Soar Higher in the Coming Weeks
The shares of AMD are up by more than 12% since the company announced its partnership with Meta a few hours ago. At press time, AMD is trading at $152.24 per share, outperforming numerous tech stocks in the market.
AMD could soar towards $200 before the end of the year as the company makes some bold moves in the market. Advanced Micro Devices Inc. is in the process of taking market share from its major competitor Intel as cloud provides such as Google, Amazon and Microsoft now purchase their chips from AMD.
Year-to-date, AMD’s stock price has added 66.70% to its value, outperforming Intel, which has only gone up by less than 6% during the same period. AMD’s rally could see it make a move for the $200 before the end of the year. The company has the momentum and the demand from investors to reach $200 over the coming weeks.