Reuters
2024.07.10 14:38
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BUZZ-AMD climbs on deal to buy Finnish startup Silo AI

Shares of chipmaker AMDrise 5.2% to a 3-month high as they acquire Finnish startup Silo AI for $665 million in cash, aiming to enhance their AI chip capabilities. AMD's stock leads gains on the S&P 500, with $4.9 billion worth of shares changing hands. The broader Philadelphia chip index hits a record high, and AMD is up 27% year-to-date compared to a 40% gain in the SOX.

Shares of chipmaker AMD (AMD.O) up 5.2% at $186.15, hit a more than 3-month high

AMD to acquire Finnish artificial intelligence startup Silo AI for about $665 mln in cash as the company tries to enhance its AI chip capabilities to compete against industry leader Nvidia

AMD declined to discuss how much business the acquisition would generate over time

Stock leading gains on the S&P 500 with about $4.9 bln worth of AMD shares changing hands by 10:14 a.m. ET, more than $2.9 bln in Apple (AAPL.O)

The broader Philadelphia chip index (.SOX) hits a record high and was last up 1.4%

AMD up 27% YTD compared to 40% gain in SOX