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A turnaround that started in 2014 is beginning to pay off for Advanced Micro Devices’ shareholders.

The chip maker’s stock hit an 11-year high of $22.29 on Thursday and is up 103 percent for the year. Its second-quarter results for 2018 showed sales up 53 percent compared with the same period a year earlier, buoyed by the success of computing, graphics and enterprise hardware. By contrast, its longtime rival Intel is up just 1.8 percent this year, and it reported a 15 percent increase in sales in the second quarter compared with last year.

A.M.D.’s shares are easily the best performing among the chip makers in the Standard & Poor’s 500-stock index.