Advanced Micro Devices (AMD) – Get Report and Xilinx (XLNX) – Get Report were on the move Friday as a possible acquisition was in the works.
Shares of Xilinx were up almost 17% at one point Friday on news that AMD was working toward a $30 billion takeout of the company. For its part, AMD stock had fallen about 4% on the news.
The news is coming in fast and furious, with TheStreet’s own Jim Cramer suggesting that Xilinx may not be interested in a buyout.
All of this comes after Nvidia’s (NVDA) – Get Report recent announcement that it will acquire Arm Inc. in a $40 billion deal. Clearly both Nvidia and AMD are looking to spread their dominance and grow through M&A.
What do the charts make of the news? Let’s look.
Nvidia and AMD are holdings in Jim Cramer’s Action Alerts