Why did AMD stock jump today after agreement with Meta

Advanced Micro Chip stock (AMD) share price jumped today after the company reached an agreement to work with Meta (Facebook).  According to reports, the company announced that Meta (formerly known as Facebook)  will use Advanced Micro Device’s EPYC chips to power its virtual accelerated data center. The news sends AMD stock soaring more than 10 percent ($14 to $15) per share.

AMD is now trading at $149.35 per share. “We are in a high-performance computing megacycle that is driving the demand for more computers to power the services and devices that impact every aspect of our daily lives," AMD CEO Dr. Lisa Su said in a statement.

Advanced Microchip shares are up more than 48% year to date and the stock is now worth a $179.4 billion market cap.