AMD to Acquire Europe's Largest Private AI Lab, Silo AI, for $665 Million

Jul 10, 2024, 01:10 PM

AMD announced the acquisition of Silo AI, Europe's largest private AI lab, in an all-cash deal worth $665 million. Silo AI, based in Helsinki, Finland, will continue to be led by its current CEO, Peter Sarlin, under AMD's AI Group. The acquisition is part of AMD's strategy to enhance its global AI solutions and compete with rivals such as Nvidia. The deal is expected to close in the second half of 2024. Following the announcement, AMD shares saw a pre-market increase of 2.50%.