AMD Plans To Acquire Silo AI In $665 Million Deal

AMD shares are up following the announcement that it plans to acquire Finnish artificial intelligence company Silo AI for about $665 million. Reuters reports: Acquiring Silo AI will help AMD improve the development and deployment of AMD-powered AI models and help potential customers build complex AI models with the company's chips, AMD said. Silo AI will also strengthen AMD's software development capabilities. While the deal will not impact AMD's financial performance, it 'unlocks a significant amount of business moving forward,' AMD Senior Vice President of AI, Vamsi Boppana said in an interview. AMD declined to discuss how much business the acquisition would generate over time.

Helsinki, Finland-based Silo AI specializes in end-to-end AI-driven solutions that help customers integrate the tech into their products and services. With operations in Europe and North America, the startup counts companies, including Philips, Rolls-Royce, and Unilever, among its customers. Silo AI's CEO and co-founder Peter Sarlin will continue to lead the unit as part of the AMD Artificial Intelligence Group, AMD said. The deal is expected to close in the second half of 2024.

Read more of this story at Slashdot.