Why Rackspace Rallied Today
Source: Motley Fool
2026-06-16 16:34:39 ET
Shares of Rackspace (NASDAQ: RXT) rallied on Tuesday, surging as much as 21.2% before settling at a 5% gain, as the semiconductor sector sold off later in the day.
Rackspace announced an expansion of its partnership with Advanced Micro Devices (NASDAQ: AMD) today, as the two companies look to deploy 30 MW of compute capacity for Rackspace's enterprise customers in highly regulated industries.
While the amount of compute isn't massive for AMD, which fell on the day, it could be a bigger deal for Rackspace, given its beaten-down stock price and just $1.5 billion market cap .
Rackspace Technology Inc.
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