AMD shares rise to new record after Xilinx gains

Shares of Advanced Micro Devices Inc. AMD,
are up more than 6% in Thursday afternoon trading and are on track to close with a new all-time high. The stock recently switched hands for $104.45, marking the first session in which AMD’s stock has ever traded above $100 intraday. The rally builds on a 7.6% run after gains in Wednesday’s session and follows a strong report from Xilinx Inc. XLNX,
after Wednesday’s closing bell. AMD is in the process of acquiring Xilinx in a deal it is expected to close by the end of the year, and Xilinx showed strong traction in its business on Wednesday after delivering what Cowen & Co. analyst Matthew Ramsay called “revenue that The company increased sales by 21% “despite continued supply chain challenges across the industry,” the press release said. Xilinx shares rose 5% in Thursday’s trading.