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AMD shares surge on a report of laptop chip deal with Intel to fight off Nvidia

AMD shares are rising on a report the chip maker will collaborate with Intel to compete with Nvidia in the laptop chip market.

The Wall Street Journal is reporting Monday morning that Intel and AMD will work together to launch a chip offering for thin and lightweight laptops that are capable of playing complex video-games.

Shares of AMD surged 5.4 percent in Monday's premarket session, while Nvidia shares dropped 1 percent. Intel was roughly flat.

"Intel planned to announce Monday a laptop-computer chip that combines an Intel processor and an AMD graphics unit," the report said according to a person familiar with the matter.

The report cited an AMD spokesperson who confirmed the deal and said it "will appeal to serious gamers" and not compete with its upcoming Ryzen Mobile chips.

AMD shares are down since it reported third-quarter financial results last month. The company gave gross profit margin guidance of 35 percent for the fourth-quarter, below some estimates.

Its shares are now down 2 percent year to date through Friday versus the S&P 500's 16 percent return.

AMD and Intel did not immediately respond to requests for comment.

See the full Wall Street Journal report here.


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