Advanced Micro Devices said on Tuesday it has agreed to sell up to $60 billion worth of artificial intelligence chips to Meta Platforms over five years in a deal that allows the Facebook owner to purchase as much as 10% of the chip firm.
AMD shares rose more than 11% in premarket trading after closing at $196.60 in the previous session.
The company had signed a similar pact with OpenAI last year, which was hailed as a vote of confidence in its chips and software, significantly boosting its stock price.
A recent slew of chip supply agreements…
