Chipmaker AMD surges as much as 8% after launching Nvidia competitor card

• Chipmaker Advanced Micro Devices over the weekend quietly launched its AMD Radeon RX 5300, an entry-level gaming card.
• Shares of AMD jumped as much as 8% on Monday.
• The card is a competitor for a similar Nvidia product.
• Watch AMD trade live on Markets Insider.
• Read more on Business Insider.

Shares of Advanced Micro Devices surged as much as 8% on Monday after the company quietly launched a new entry-level graphics card set to compete with Nvidia.

Over the weekend, AMD put the Radeon RX 5300 GPU graphics card on its website without any other announcement. The card is a competitor to Nvidia’s GeForce GTX 1650 and undercuts it in price.

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The under-the-radar launch comes after the semiconductor company beat analyst estimates when it reported better-than-expected earnings in July, boosted by notebook and server processor sales. In addition, AMD raised its current-quarter guidance, saying it’s confident it can meet strong demand.

AMD has rallied throughout 2020 - shares are up as much as 99% year-to-date.