Shares of Advanced Micro Devices (AMD) rose nearly 4% Wednesday after the chipmaker said it is buying the largest private artificial intelligence (AI) lab in Europe to expand its reach in the market.
AMD is paying $665 million in cash to purchase Silo AI, which it said “represents another significant step in the company’s strategy to deliver end-to-end AI solutions based on open standards and in strong partnership with the global AI ecosystem.”
It’s the latest in a series of recent AI moves for AMD, which said it has invested $125 million in a dozen AI-related companies in the past year, and also acquired Mipsology and Nod.AI.
The company said that Silo AI’s scientists and engineers have “extensive experience developing tailored AI models, platforms and solutions for leading enterprises spanning cloud, embedded, and endpoint computing markets.” AMD added that Silo AI will become part of its Artificial Intelligence Group, with Silo AI co-founder and CEO Peter …