Benzinga | Aug 23, 2021 03:41PM EDT

Why Advanced Micro Devices Shares Are Rising

Shares of semiconductor and chip stocks, including Advanced Micro Devices, Inc. (NASDAQ:AMD), are trading higher after Maxim's acquisition by Analog Devices was approved by Chinese anti-trust officials. Overall tech strength also helped lift the sector today as well.

According to Maxim and Analog Devices, the transaction has now received all required regulatory clearances. Analog Devices and Maxim anticipate that the transaction will close on or about August 26, 2021.

Advanced Micro Devices designs microprocessors for the computer and consumer electronics industries. The majority of the firm's sales are in the personal computer and data center markets via CPUs and GPUs.

Advanced Micro Devices is trading higher by 3.4% Monday afternoon. Advanced Micro Devices has a 52-week high of $122.49 and a 52-week low of $72.50.