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

In this Sept. 10, 2007 file photo, a staff technician presents a 300 millimetre chip wafer at Advanced Micro Devices Inc. (AMD) in Dresden, eastern Germany. Advanced Micro Devices Inc. on Tuesday, April 21, 2009 announced its first-quarter loss widened as demand and prices for its microprocessors slumped and heavy restructuring charges took their toll. Shares fell more than 6 per cent in after-hours trading on disappointing guidance. AP 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.

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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.

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