Chip firm AMD considers sale

City A.M. Reporter

MAKER AMD has hired JP Morgan Chase to explore options which could include a potential sale, according to people familiar with the situation.

One of Silicon Valley’s oldest chip firms, AMD is laying off engineers and some analysts are concerned it may not find new markets for its chips in time to reverse a declining cash reserve.

The company said it was not actively pursuing a sale.

Shares in the company surged as much as 18 per cent on reports before finishing up five per cent.