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AP Photo / Matthias Rietschel
- Chipmaker Advanced Micro Devices over the weekend quietly released its AMD Radeon RX 5300, an entry-level gaming card.
- AMD shares rose as much as 8% on Monday.
- The card competes with a similar product from Nvidia.
- See AMD trading 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 rolled out a new entry-level graphics card to compete with Nvidia.
Over the weekend, AMD put the Radeon RX 5300 GPU graphics card on its website without any other announcements. The card is a competitor to Nvidia’s GeForce GTX 1650 and the price tag is downgraded.
Read more: 35-year market veteran David Rosenberg warns that the stock market rally features distortions that were evident during the tech bubble, and lays out his plausible scenario for a crash.
The under-the-radar launch comes after the semiconductor company beat analyst estimates when it reported better-than-expected earnings in July, driven by sales of laptop and server processors. Additionally, AMD raised its guidance for the current quarter, saying it is confident it can meet strong demand.
AMD has rallied throughout 2020 – stocks are up 99% so far this year.
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