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Advanced Micro Devices (NASDAQ:AMD) surges to multi-year highs after Microsoft announcement

  • AMD’s stock has soared more than 80 per cent, YTD.
  • Microsoft is expected to launch its Xbox console in 2020.

Shares of US chipmaker, Advanced Micro Devices, surged to 13-year highs on Monday following an announcement by tech giant Microsoft Corp. that custom made AMD chips, will power its next-generation Xbox gaming console. The deal with Microsoft would bolster the company’s position in the high-end processor and graphics market for game consoles.

AMD’s stock gained 2.53 per cent for the session to settle at $33.23 on Monday, its highest close since May 2006.