AMD to acquire Finnish startup Silo AI for $665 million to step up in AI race

Max A. Cherney
·1 min read
Illustration picture of AMD chip

By Max A. Cherney

(Reuters) - Advanced Micro Devices said on Wednesday it will acquire Finnish artificial intelligence startup Silo AI for about $665 million in cash as the company tries to enhance its AI chip capabilities to compete against industry leader Nvidia.

Building and training large language models is challenging, even for big tech companies.

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.

The acquisition marks the latest step from AMD in a series of moves aimed at expanding its footprint in the AI landscape. Last year, the company acquired AI software firms Mipsology and Nod.ai and has invested more than $125 million across a dozen AI companies over the last 12 months.

(Reporting by Max A. Cherney in San Francisco and Deborah Sophia in Bengaluru; Editing by Tasim Zahid)

  • Up next
  • Up next
  • Up next
  • Up next

Latest Stories

  • Company halts construction of $2.7B battery project in eastern Ontario

    After breaking ground in 2023, the company building a plant to produce battery components for electric vehicles in a municipality near Kingston, Ont., says it's delaying construction of the plant citing a slowdown in EV sales.In a statement to CBC News, Umicore Rechargeable Battery Materials Inc. said Friday that its project in Loyalist Township is impacted by the "significant worsening of the EV market context and the impacts this has on the entire supply chain." The project carried a total pri

  • 2 Dividend Stocks You May Regret Not Buying at Today’s Deep Discount

    Want some great stocks for your portfolio? Here's a duo of dividend stocks that trade at a deep discount right now (but not for much longer). The post 2 Dividend Stocks You May Regret Not Buying at Today’s Deep Discount appeared first on The Motley Fool Canada.

  • Electric blues: Warren Buffett just cut his stake in an EV giant — and Elon Musk is down $16B on Tesla results

    Wall Street still sees major upside.

  • Should You Buy the 3 Highest-Paying Dividend Stocks in the TSX Composite?

    These three dividend stocks may not have the highest yields, but the dividends are still insane. The post Should You Buy the 3 Highest-Paying Dividend Stocks in the TSX Composite? appeared first on The Motley Fool Canada.

  • Large wine conglomerate is going bankrupt. What does it mean for its 10 California wineries?

    The Santa Rosa-based company has been showing signs of struggle for months.

  • TFSA Passive Income: Earn Over $600 Per Month

    Here's how Canadian investors can use the TFSA to create a steady and recurring passive-income stream for life. The post TFSA Passive Income: Earn Over $600 Per Month appeared first on The Motley Fool Canada.

  • Beginning Investors: 3 TSX Stocks I’d Buy With $500 Right Now

    These TSX stocks are easy to follow and high-quality companies you can commit to owning long term, making them some of the best to buy now. The post Beginning Investors: 3 TSX Stocks I’d Buy With $500 Right Now appeared first on The Motley Fool Canada.

  • Apple just got another iPhone China warning ahead of results

    Vivo, Huawei, and more top Apple's iPhone when it comes to smartphone shipments in China.

  • I Retired in My 50s: Here Are 3 Investments I Regret Making in Retirement

    Investment regrets are part of the game, and we've all been there -- whether it's wishing you'd jumped on a skyrocketing stock earlier or bailed out of a sinking ship sooner. Xiao Hong Lee also...

  • Russia's Central Bank hikes interest rate as inflation soars

    MOSCOW (AP) — Russia’s Central Bank on Friday raised its key lending rate to its highest level in more than two years to stem soaring inflation in an overheated economy hit by Western sanctions in response to Moscow's military action in Ukraine.

  • Where Will Couche-Tard Stock Be in 5 Years?

    Alimentation Couche-Tard (TSX:ATD) stock could skyrocket considerably over the next five years under a new CEO. The post Where Will Couche-Tard Stock Be in 5 Years? appeared first on The Motley Fool Canada.

  • Trump trade a bit 'confounding' -CIO

    STORY: :: Lisa Bernhard, Reuters:: Anna Rathbun, Chief Investment Officer, CBIZ Investment Advisory ServicesCrypto stocks, gun stocks and shares of other companies that could benefit from a Trump presidency jump in what investors have nicknamed a Trump trade.Speaking with Reuters' Lisa Bernhard, Rathbun described how the Trump trade first appeared after the former real estate mogul turned reality TV star unexpectedly won the 2016 presidential election. "What we saw was a rally of small caps, rally of value-oriented stocks and yields going up," she said. "From a stock market perspective, we would call that a junk rally. So this is not based on fundamentals at all. And that is sort of what we saw after the assassination attempt earlier this month."She added that it was difficult to know if the most recent rally was "a pure Trump trade" given that it came on the heels of "a soft CPI number that had the markets expecting a Fed [rate] cut in September." Rathbun also wondered whether Trump, who headlines a bitcoin conference on July 27, will indeed be supportive of the cryptocurrency if he serves a second term. "I understand that he is accepting donations in cryptocurrency, so if you were a presidential candidate, you might have reasons to support that," she said before warning that those donations could be subject to the cryptocurrency's volatility. Rathbun also parsed the week's economic reports, including the latest inflation and GDP data.

  • Bitcoin to Account for 7% of Global Wealth, Surge in Price to $13M in 21 Years: Michael Saylor

    The Executive Chairman of MicroStrategy spoke Friday at Bitcoin 2024.

  • Rogers Communications Second Quarter 2024 Earnings: EPS Misses Expectations

    Rogers Communications ( TSE:RCI.B ) Second Quarter 2024 Results Key Financial Results Revenue: CA$5.09b (flat on 2Q...

  • Zoom Video Communications Faces Major Sell-Off in Cathie Wood's Latest Portfolio Update

    Insight into ARK Investment Management's Q2 2024 Moves

  • The 3 Most Popular Stocks on the TSX Today: Do You Own Them?

    Previously unloved TSX financial Manulife (TSX:MFC) is surprisingly in vogue this year. The post The 3 Most Popular Stocks on the TSX Today: Do You Own Them? appeared first on The Motley Fool Canada.

  • Stock market today: Most of Wall Street leaps in a widespread rally, from big stocks to small

    NEW YORK (AP) — A widespread rally swept Wall Street Friday, lifting far-reaching corners, to close a tumultuous week where stocks that had been left behind for much of this year’s record-setting run wrested the spotlight back from the market’s biggest stars.

  • WELL Stock: The Most Undervalued Stock on the TSX Today

    WELL Health (TSX:WELL) stock was one of the best performers, becoming one of the worst in the last few years. But here's why the market is wrong. The post WELL Stock: The Most Undervalued Stock on the TSX Today appeared first on The Motley Fool Canada.

  • I’m a Bank Teller: 6 Benefits of Having Multiple Bank Accounts

    Having one checking and one savings account at the same bank used to be the norm. But with the proliferation of internet banking and the ease of transferring money between accounts, is it better to...

  • TSMC Joins Global Tech Rout as Trading Resumes After Typhoon

    (Bloomberg) -- Taiwan Semiconductor Manufacturing Co. shares fell the most in three months upon trading resumption, joining a global tech rout as investors dramatically soured on the promises of artificial intelligence. Most Read from BloombergTrump Risks Losing Voters He Needs With Loaded Attacks on HarrisParis Sticks to Olympics Opening Event Plans After Rail SabotageFed’s Favored Price Gauge Rises at Mild Pace, Spending Holds UpHarris Just Showed Why Trump Is So Afraid of HerGreat Rotation Tr