Shares of Advanced Micro Devices (AMD - Get Report) surged 6.9% to $12.02 on Tuesday afternoon after the chipmaker said that the recent robust demand for Bitcoin along with other cryptocurrencies has been driving sales of its graphics cards.
"The gaming market remains our priority. We are seeing solid demand for our Polaris-based offerings in the gaming and newly resurgent cryptocurrency mining markets based on the strong performance we are delivering," an AMD spokesperson told CNBC.
Ethereum cryptocurrency is up over 2,800% year-to-date through Sunday, while Bitcoin is up about 160% this year, according to data from CoinDesk.
Cryptocurrency miners utilize graphics cards from AMD to "mine" new coins. AMD traditionally has a better reputation for mining cryptocurrencies, according to CNBC.
Stocks have rebounded following a sharp sell off last week. Jim Cramer believes the rebound is real and gives investors advice on how to play the market going forward.
Click here for the latest business headlines.
Read More Trending Articles:
- 10 Summer Travel Destinations Already Heating Up
- Walgreens and Rite Aid Seem to Be Acknowledging Their $15 Billion Merger Is Falling Apart
- Tesla Has Something 'Awesome' Coming That Could Send Its Stock to Even Higher Records
- Market Recon: The Market Is Telling You It Doesn't Trust the Federal Reserve -- Recession Lurking?
- Bank Stocks Are Lagging When They Should Be On Fire -- Jim Cramer Reveals Why in 'Off The Charts'