Shares in Advanced Micro Devices spiked yesterday after Google announced that AMD chips will power Stadia’s graphics rendering in the cloud.

The deal marks a big win for AMD in the gaming space, where it competes with Nvidia.

AMD stock spiked up 11.8 per cent on Wall Street after Google confirmed that the company had won a deal for its game streaming platform.

The rally brought AMD’s market cap to roughly US$26.1 billion, adding about $2.7 billion in value. AMD has jumped 127.5 per cent over the past year.