AMD shares jump after company wins Meta partnership

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Lisa Su, president and chief executive officer of Advanced Micro Devices Inc. (AMD), presents the AMD Ryzen 4000 series chip during an AMD press event at CES 2020 in Las Vegas, Nevada, U.S., on Monday, Jan. 6, 2020.

Bridget Bennett | Bloomberg | Getty Images

AMD shares jumped more than 11% on Monday after the company announced it won Meta, formerly known as Facebook, as a chip customer.

AMD also revealed a range of new chips during the keynote of company’s Accelerated Data Center Premiere event.

The announcements help cement the company’s push against its competitors. AMD is in the process of taking market share from market leader Intel as cloud providers like Microsoft, Amazon and Google buy its chips to run their services. AMD has gained some performance advantages over competing Intel processors in recent years.

Last month, AMD CEO Lisa Su said that its data center chip sales doubled on an annual basis in the most recent quarter and the business accounts for 20% of the company’s sales. The data center chips are part of AMD’s embedded, enterprise and semi-custom segment, which reported $1.9 billion in sales last quarter, up 69% year over year.

Su said Monday that additional details on its partnership with Meta will be discussed later this week during the Open Compute Project summit.

— CNBC’s Kif Leswing contributed to this report.

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