The market leader, Advanced Micro Devices (AMD), announced that it would buy Finnish artificial intelligence firm Silo AI for approximately $665 million in cash, a move aimed at outdoing rival Nvidia.
In an effort to better rival Nvidia, the market leader, Advanced Micro Devices (AMD.O.), announced on Wednesday that it would purchase Finnish artificial intelligence startup Silo AI for roughly $665 million in cash. Even for major tech organizations, developing and training huge language models is a difficult task. By acquiring Silo AI, AMD hopes to enhance the creation and use of AI models powered by the company’s chips and assist prospective clients in creating intricate models using those chips.
Additionally, AMD’s software development skills will be strengthened by Silo AI. The agreement “unlocks a significant amount of business moving forward,” according to AMD Senior Vice President of AI Vamsi Boppana, even if it won’t have an effect on AMD’s financial performance. AMD refused to comment on how much revenue the deal would eventually bring in. Based in Helsinki, Finland, end-to-end AI-driven solutions are Silo AI’s specialty; these solutions assist clients in incorporating technology into their goods and services. The startup, which has operations in both Europe and North America, counts among its clients companies such as Unilever (ULVR.L), Rolls-Royce (RR.L), and Philips (PHG.AS).
As a member of the AMD Artificial Intelligence Group, Peter Sarlin, the CEO and co-founder of Silo AI, will continue to guide the division, according to AMD. It is anticipated that the deal will close in 2024’s second half. With this acquisition, AMD is taking another step toward increasing its presence in the AI market. The corporation spent over $125 million in a dozen AI companies in the past year, having purchased AI software companies Mipsology and Nod.ai last year.
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