AMD to Acquire Silo AI for $665 Million in All-Cash Deal, Stock Up 5% in Pre-Market

Jul 10, 2024, 01:38 PM

Advanced Micro Devices (AMD) has announced the acquisition of Silo AI, Europe's largest private AI lab, for $665 million in an all-cash transaction. Silo AI, based in Helsinki, Finland, specializes in tailored AI models, platforms for enterprise customers, and open-source language models. This acquisition is part of AMD's strategy to enhance its AI capabilities and compete more effectively with Nvidia. Silo AI's CEO, Peter Sarlin, will continue to lead the team under AMD's AI Group. The acquisition is expected to close in the second half of 2024. Following the announcement, AMD's stock saw an increase of 5% in pre-market trading.