Advanced Micro Devices Inc (NASDAQ:AMD) stock is trending late Monday after the company announced a deal to acquire World Labs.
- Advanced Micro Devices stock is feeling bearish pressure. What’s behind AMD decline?
AMD To Acquire AI Model and Research Lab
AMD announced that it entered into a definitive agreement to acquire AI company World Labs in an all-stock transaction valued at approximately $8.2 billion. The deal is expected to strengthen AMD’s ability to develop AI hardware, software and systems.
World Labs builds spatial-intelligence models that create, reconstruct and simulate interactive 3D environments from text, images and video, along with technology for robot learning and simulation.
The acquisition will bring a team of researchers and model experts to AMD, including World Labs co-founder and CEO Fei-Fei Li, who will join AMD as executive vice president and chief scientist.
“Building the compute platforms for the next generation of AI requires a deep understanding of how models are evolving,” said Lisa Su, chair and CEO of AMD.
“Fei-Fei and the World Labs team bring exceptional research leadership and model expertise. Together, we can use that insight to develop the hardware, software and systems that will power the next generation of AI and strengthen the open AI ecosystem.”
AMD Shares Bounce Around After Hours
AMD Price Action: AMD shares were moving around after the announcement, last up 0.08% at $608.38 after the close on Monday, according to Benzinga Pro.
Image: Shutterstock.com
Login to comment