AMD’s stock sinks, Xilinx soars after WSJ report of advanced merger talks

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Shares of Advanced Micro Devices Inc. sank 5.2% in premarket trading Friday, while Xilinx Inc. soared 17%, after The Wall Street Journal reported that the AMD was in advanced talks to buy rival chip maker Xilinx in a deal valued at more than $30 billion. Xilinx stock was on track to open at the highest level seen during regular-session hours since July 2019. At Thursday’s close, the company had a market capitalization of $25.89 billion, while AMD’s market cap was $101.57 billion. The WSJ report doesn’t indicate whether the deal will be in cash, stock or both. AMD’s stock has soared 88.6% year to date through Thursday, while Xilinx shares have gained 8.4%. In comparison, the PHLX Semiconductor Index has rallied 27.4% and the S&P 500 has advanced 6.7%.
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