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AMD stock jumps on Silo AI purchase

Published 07/10/2024, 11:58 AM
Updated 07/10/2024, 12:00 PM
© REUTERS AMD stock jumps on Silo AI purchase

AMD (NASDAQ:AMD) shares jumped more than 3% Wednesday after the company announced it has agreed to acquire Silo AI, the largest private AI lab in Europe, in an all-cash transaction valued at approximately $665 million.

The acquisition marks a step in AMD’s strategy to deliver comprehensive AI solutions based on open standards.

"Silo AI’s team of trusted AI experts and proven experience developing leadership AI models and solutions, including state-of-the-art LLMs built on AMD platforms, will further accelerate our AI strategy and advance the build-out and rapid implementation of AI solutions for our global customers," said Vamsi Boppana, senior vice president of the Artificial Intelligence Group at AMD.

Headquartered in Helsinki, Finland, Silo AI specializes in end-to-end AI-driven solutions, helping customers integrate AI into their products, services, and operations.

Their portfolio includes open-source multilingual large language models like Poro and Viking, developed on AMD platforms.

Peter Sarlin, CEO and co-founder of Silo AI, will continue to lead the team as part of AMD’s Artificial Intelligence Group. "Today’s announcement is a logical next step in that pursuit as we join forces with AMD to shape the future of AI computing," said Sarlin.

Silo AI’s acquisition is the latest in AMD’s strategic moves to bolster its AI capabilities. Over the past year, AMD has invested more than $125 million in various AI companies and acquired Mipsology and Nod.ai to expand its AI ecosystem.

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