AMD deal with Meta is a 'significant win': Jefferies' Jared Weisfeld

Jefferies Technology Sector Specialist Jared Weisfeld, on chipmaker AMD's deal with Meta and what it means for the rest of the industry. With CNBC's Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour, Karen Finerman and Dan Nathan. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

AMD shares closed up 10% on Monday after the company announced it won Meta, formerly known as Facebook, as a chip customer.

AMD also revealed a range of new chips during the company’s Accelerated Data Center Premiere event.

The announcements help cement the company’s push against its competitors. AMD is in the process of taking market share from market leader Intel as cloud providers like Microsoft, Amazon and Google buy its chips to run their services. AMD has gained some performance advantages over competing Intel processors in recent years.

Last month, AMD CEO Lisa Su said that its data center chip sales doubled on an annual basis in the most recent quarter and the business accounts for 20% of the company’s sales. The data center chips are part of AMD’s embedded, enterprise and semi-custom segment, which reported $1.9 billion in sales last quarter, up 69% year over year.

Su said Monday that additional details on its partnership with Meta will be discussed later this week during the Open Compute Project summit.

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