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AMD (NASDAQ:AMD) shares surged over 3% on Wednesday following the announcement of its acquisition of Silo AI, Europe's largest private AI lab, for approximately

AMD Shares Surge 3% After Announcing $665 Million Acquisition of Silo AI

- (Last modified: Jul 11, 2024 3:05 AM)

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AMD (NASDAQ:AMD) shares surged over 3% on Wednesday following the announcement of its acquisition of Silo AI, Europe's largest private AI lab, for approximately $665 million in an all-cash deal.

This acquisition aligns with AMD’s strategy to provide comprehensive AI solutions based on open standards.

Vamsi Boppana, senior vice president of AMD's Artificial Intelligence Group, highlighted that Silo AI’s expertise and experience in developing leading AI models, including advanced large language models (LLMs) on AMD platforms, will bolster AMD's AI strategy and expedite AI solution deployment for global customers.

Silo AI focuses on delivering end-to-end AI-driven solutions, aiding customers in integrating AI into their products, services, and operations. Their offerings include open-source multilingual LLMs like Poro and Viking, developed on AMD platforms.

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