AMD has bought a European AI lab for $665mln

AMD (NASDAQ:AMD) has announced the acquisition of Silo AI, Europe's largest private AI lab, in a $665 million cash deal.

This purchase is the latest in AMD's series of AI company acquisitions, having spent over $125 million on twelve AI companies in the past year.

Vamsi Boppana, AMD's senior VP for AI, highlighted the importance of Silo AI's expertise in developing advanced AI models on AMD platforms, which he said will help accelerate AMD's AI strategy for global customers.

Silo AI, headquartered in Finland, has a history of delivering successful AI products for clients like Rolls Royce, Unilever, Allianz, and Philips.

“Our mission from the start has been to build an AI flagship company,” Silo chief executive and co-founder Peter Sarlin said.

“Today's announcement is a logical next step in that pursuit as we join forces with AMD to shape the future of AI computing.”

AMD investors welcomed the acquisition news, with the shares up just over 3% in Wednesday’s traded to $182.75 in New York.