Shares of Advanced Micro Devices (AMD)  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:

More from Stocks

Jim Cramer: 4 Stocks Could Get Throttled By a 'Knock Down Drag Out' With China

Jim Cramer: 4 Stocks Could Get Throttled By a 'Knock Down Drag Out' With China

3 Warren Buffett Stock Picks That Could Be Perfect for Your Retirement Portfolio

3 Warren Buffett Stock Picks That Could Be Perfect for Your Retirement Portfolio

50 Stocks That Could Be Shredded If a U.S. Trade War With China Ignites

50 Stocks That Could Be Shredded If a U.S. Trade War With China Ignites

Why Starbucks Latest Data Reveal Should Worry Investors

Why Starbucks Latest Data Reveal Should Worry Investors

Salesforce Is Hitting on All Cylinders as Shares Notch an All-Time High

Salesforce Is Hitting on All Cylinders as Shares Notch an All-Time High