Advanced Micro Devices, Inc.: AMD to Acquire Silo AI to Expand Enterprise AI Solutions Globally

- Europe's largest private AI lab to accelerate the development and deployment of AMD-powered AI models and software solutions

- Enhances open-source AI software capabilities for efficient training and inference on AMD compute platforms

SANTA CLARA, Calif., July 10, 2024 (GLOBE NEWSWIRE) -- AMD (NASDAQ: AMD) today announced the signing of a definitive agreement to acquire Silo AI, the largest private AI lab in Europe, in an all-cash transaction valued at approximately $665 million. The agreement represents another significant step in the company's strategy to deliver end-to-end AI solutions based on open standards and in strong partnership with the global AI ecosystem. The Silo AI team consists of world-class AI scientists and engineers with extensive experience developing tailored AI models, platforms and solutions for leading enterprises spanning cloud, embedded and endpoint computing markets.

Silo AI CEO and co-founder Peter Sarlin will continue to lead the Silo AI team as part of the AMD Artificial Intelligence Group, reporting to AMD senior vice president Vamsi Boppana. The acquisition is expected to close in the second half of 2024.

"Across every industry, enterprises are looking for fast and effective ways to develop and deploy AI solutions for their unique business needs," said Vamsi Boppana, senior vice president of the Artificial Intelligence Group at AMD. "Silo AI's team of trusted AI experts and proven experience developing leadership AI models and solutions, including state-of-the-art LLMs built on AMD platforms, will further accelerate our AI strategy and advance the build-out and rapid implementation of AI solutions for our global customers."

Based in Helsinki, Finland, with operations in Europe and North America, Silo AI specializes in end-to-end AI-driven solutions that help customers integrate AI quickly and easily into their products, services and operations. Their work spans diverse markets, with customers including Allianz, Philips, Rolls-Royce and Unilever. Silo AI also creates state-of-the-art open source multilingual LLMs, such as Poro and Viking, on AMD platforms in addition to its SiloGen model platform.

"At Silo AI, our mission from the start has been to build an AI flagship company. Today's announcement is a logical next step in that pursuit as we join forces with AMD to shape the future of AI computing," said Peter Sarlin, CEO and co-founder of Silo AI. "We have a well-established history of building successful AI products and delivering value to our customers. We look forward to becoming part of AMD to further scale our impact and develop enterprise solutions and AI models that address the most complex challenges with deploying AI at scale today."

"As a leading European AI company, Silo AI has been a great long-term partner for us in many AI-related projects. We look forward to the enhanced capabilities the combination of AI technologies and innovative compute solutions from AMD will bring," said Nishant Batra, Chief Strategy and Technology Officer (CSTO), Nokia.

Silo AI marks the latest in a series of acquisitions and corporate investments to support the AMD AI strategy. AMD has invested over $125 million across a dozen AI companies in the last 12 months and also acquired Mipsology and Nod.ai to expand the AMD AI ecosystem, support partners and advance leadership AMD computing platforms.

"Silo AI has been a pioneer in scaling large language model training on LUMI, Europe's fastest supercomputer powered by over 12,000 AMD Instinct MI250X GPUs," said Dr. Pekka Manninen, Director of Science and Technology at CSC-IT Center for Science, Finland. "Together with university collaborators, they have trained state-of-the-art open-source models for EU languages, such as the Nordic Poro and Viking models. We have collaborated extensively with the team in optimizing the software layer, allowing for efficient training of AI models on LUMI."

"One year ago, Combient partnered with Silo AI, a leading AI lab with 300 AI scientists and engineers. Together with Marcus Wallenberg, we initiated Combient in 2015 to accelerate digitalization and AI adoption for 38 of the largest Nordic companies, with a total turnover of €270 billion, such as H&M, IKEA, Saab, KONE and Ericsson," said Mats Agervi, CEO of Combient. "Today's acquisition underscores the capabilities of Silo AI, opening up expanded opportunities for increased value creation in Europe and beyond."

About AMD
For more than 50 years AMD has driven innovation in high-performance computing, graphics and visualization technologies. Billions of people, leading Fortune 500 businesses and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work and play. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, LinkedIn and X pages.

Cautionary Statement

This press release contains forward-looking statements concerning Advanced Micro Devices, Inc. (AMD) such as the expected timing and benefits of AMD's proposed acquisition of Silo AI, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as "would," "may," "expects," "believes," "plans," "intends," "projects" and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this press release are based on current beliefs, assumptions and expectations, speak only as of the date of this press release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Such statements are subject to certain known and unknown risks and uncertainties, many of which are difficult to predict and generally beyond AMD's control, that could cause actual results and other future events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Material factors that could cause actual results to differ materially from current expectations include, without limitation, the following: risks related to the ability of AMD to consummate the proposed transaction on a timely basis or at all; the satisfaction of the conditions precedent to consummation of the proposed transaction; delays in obtaining or adverse conditions contained in regulatory or other required approvals; the failure of the acquisition to close for any other reason; the ability to realize the anticipated benefits of the proposed transaction, including the possibility that the expected benefits from the proposed transaction will not be realized or will not be realized within the expected time period; disruption from the transaction making it more difficult to maintain business and operational relationships; any negative effects of the announcement or the consummation of the proposed transaction on the market price of AMD's stock price or on AMD's operating results; the impact of significant transaction costs and unknown liabilities on AMD's operating results; Intel Corporation's dominance of the microprocessor market and its aggressive business practices; cyclical nature of the semiconductor industry; market conditions of the industries in which AMD products are sold; loss of a significant customer; competitive markets in which AMD's products are sold; economic and market uncertainty; quarterly and seasonal sales patterns; AMD's ability to adequately protect its technology or other intellectual property; unfavorable currency exchange rate fluctuations; ability of third party manufacturers to manufacture AMD's products on a timely basis in sufficient quantities and using competitive technologies; availability of essential equipment, materials, substrates or manufacturing processes; ability to achieve expected manufacturing yields for AMD's products; AMD's ability to introduce products on a timely basis with expected features and performance levels; AMD's ability to generate revenue from its semi-custom SoC products; potential security vulnerabilities; potential security incidents including IT outages, data loss, data breaches and cyberattacks; uncertainties involving the ordering and shipment of AMD's products; AMD's reliance on third-party intellectual property to design and introduce new products in a timely manner; AMD's reliance on third-party companies for design, manufacture and supply of motherboards, software, memory and other computer platform components; AMD's reliance on Microsoft and other software vendors' support to design and develop software to run on AMD's products; AMD's reliance on third-party distributors and add-in-board partners; impact of modification or interruption of AMD's internal business processes and information systems; compatibility of AMD's products with some or all industry-standard software and hardware; costs related to defective products; efficiency of AMD's supply chain; AMD's ability to rely on third party supply-chain logistics functions; AMD's ability to effectively control sales of its products on the gray market; long-term impact of climate change on AMD's business; impact of government actions and regulations such as export regulations, tariffs and trade protection measures; AMD's ability to realize its deferred tax assets; potential tax liabilities; current and future claims and litigation; impact of environmental laws, conflict minerals-related provisions and other laws or regulations; evolving expectations from governments, investors, customers and other stakeholders regarding corporate responsibility matters; issues related to the responsible use of AI; restrictions imposed by agreements governing AMD's notes, the guarantees of Xilinx's notes and the revolving credit facility; impact of acquisitions, joint ventures and/or investments on AMD's business and AMD's ability to integrate acquired businesses; impact of any impairment of the combined company's assets; political, legal and economic risks and natural disasters; future impairments of technology license purchases; AMD's ability to attract and retain qualified personnel; and AMD's stock price volatility. Investors are urged to review in detail the risks and uncertainties in AMD's Securities and Exchange Commission filings, including but not limited to AMD's most recent reports on Forms 10-K and 10-Q.

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Suresh Bhaskaran
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