$Advanced Micro Devices, Inc. AMD$ surged over 5.2% at one point to US$186.4 as the company announced it has signed a definitive agreement to acquire Silo AI, Europe's largest private artificial intelligence lab, in an all-cash transaction valued at approximately US$665 million.
The acquisition is a strategic step for AMD to provide end-to-end AI solutions based on open standards and close collaboration with the global AI ecosystem. Silo AI CEO and co-founder Peter Sarlin will continue to lead the Silo AI team as part of AMD's AI group, reporting to AMD Senior Vice President Vamsi Boppana.
The acquisition is expected to close in the second half of 2024.
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