AMD stock surging to new record after Xilinx earnings

1 month ago 14
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Shares of Advanced Micro Devices Inc. AMD, +7.55% are up more than 6% in Thursday afternoon trading and on track to close at a fresh record. The stock recently changed hands at $104.45, making this the first session in which AMD’s stock has ever traded above $100 intraday. The rally builds on a 7.6% post-earnings run during Wednesday’s session and comes following a strong report from Xilinx Inc. XLNX, +6.75% after Wednesday’s closing bell. AMD is in the process of acquiring Xilinx in a deal it expects to close by the end of the year, and Xilinx showed strong traction in its business Wednesday after delivering what Cowen & Co. analyst Matthew Ramsay called “well-above-consensus revenue.” The company grew revenue by 21% “despite ongoing industry-wide supply chain challenges,” it said in its release. Xilinx shares are up 5% in Thursday trading.

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