In brief: Things arguably couldn't be going much better for AMD. The scrappy chipmaker on Tuesday said it has reached an agreement to purchase field-programmable gate array (FPGA) specialist Xilinx in an all-stock deal valued at $35 billion. The company also turned in its fourth straight quarter with greater than 25 percent YoY revenue growth and has new 5000 series Ryzen processors launching next week.

Per the agreement, Xilinx shareholders will receive 1.7234 shares of AMD common stock for every Xilinx share they own at the time the transaction closes. Based on AMD's trading price of $82.97 (the average price per share for the 10 consecutive trading days leading up to initial media reports about the transaction), Xilinx shareholders will receive approximately $143 for each share of Xilinx stock.

Rumors of a potential deal first surfaced in early October.

The deal is expected to close by the end of the 2021 calendar year. Once complete, AMD chief Lisa Su will lead the combined company as CEO while current Xilinx CEO Victor Peng will run the Xilinx arm as president. A minimum of two Xilinx directors will also join AMD's board of directors, we are told.

AMD on Tuesday also announced record revenue of $2.80 billion for the third quarter, up 56 percent year over year and 45 percent sequentially. Net income, meanwhile, checked in at $390 million, an impressive 225 percent gain compared to the same period in 2019.

Su credited the results to strong demand for PC, gaming and data center products. It's the fourth straight quarter with greater than 25 percent year-over-year revenue growth, she said, adding that they are well positioned to keep the momentum going with new launches of Ryzen, Radeon and Epyc processors.

Image credit: Casimiro PT, redstone