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On September 4, 2024
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AMD appoints former Nvidia exec Keith Strier as senior VP of global AI markets
Advanced Micro Devices (NASDAQ:AMD) on Tuesday said Keith Strier has joined the chipmaker as senior vice president of global AI markets. Strier, who most recently served as vice president of worldwide AI initiatives at Nvidia (NVDA), will be responsible for expanding AMD's global AI capabilities and accelerating strategic AI engagements across public and private sectors. He will report to AMD Executive Vice President and Chief Technology Officer, Mark Papermaster. "His extensive experience and proven track record acting as a trusted advisor to countries and companies uniquely positions him to help accelerate adoption of AMD-powered solutions to meet the growing demand for AI," said AMD CEO Lisa Su. This comes as AMD is investing to bolster its AI chip making capabilities and compete with industry giant Nvidia. Last month, AMD said it is acquiring AI infrastructure provider ZT Systems in a cash and stock deal worth about $4.9B. In the last one year, besides increasing organic R&D activities, AMD has invested over $1B to expand the AMD AI ecosystem and strengthen the company's AI software capabilities, according to the company. AMD stock rose 0.5% in extended trading on Tuesday. More on Advanced Micro Devices AMD: AI Accelerators Further Drive Revenue And Margin Outlook Here's A Reality Check On AMD Vs. Nvidia That May Surprise You (AMD Upgrade) AMD: This Is A Value Trap Nvidia, Intel, AMD lead semiconductor plunge to start September Semiconductor stocks remain volatile despite surging sales
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AMD hires former NVIDIA VP to lead global AI strategy By Investing.com
SANTA CLARA, Calif. - Advanced Micro Devices, Inc. (NASDAQ:AMD) has announced the appointment of Keith Strier as senior vice president of global AI markets. Strier, an industry veteran with over three decades of experience, will spearhead the expansion of AMD's artificial intelligence initiatives worldwide. Previously, Strier served as vice president of worldwide AI initiatives at NVIDIA (NASDAQ:NVDA), focusing on commercial engagements with international governments. His new role at AMD will involve fostering the company's AI vision, driving ecosystem capabilities, and accelerating AI engagements across various sectors. He will report directly to AMD's Executive Vice President and CTO, Mark Papermaster. AMD's Chair and CEO, Dr. Lisa Su, highlighted Strier's deep market expertise and vast network, which she believes will significantly enhance the company's global AI engagements. Strier expressed his commitment to making AI more accessible and inclusive, aligning with his long-standing mission to unlock AI's full potential. Strier's rich background includes being the first global AI leader at EY and the first global chief digital officer at Deloitte. He has also been actively involved in shaping AI policy, serving on the U.S. National AI Advisory Committee and as Founding Chair of the AI Compute and Climate Expert Group for the OECD. This strategic hire underscores AMD's focus on advancing its position in the AI sector, leveraging Strier's expertise to meet the increasing demand for AI-powered solutions. The move is part of AMD's broader strategy to maintain its innovation in high-performance computing and expand its influence in the technology industry. AMD, known for its high-performance computing, graphics, and visualization technologies, continues to play a pivotal role in various sectors, from scientific research to Fortune 500 companies. The addition of Strier to the leadership team is expected to further AMD's capabilities in AI, a critical area of growth for the company. The information for this report is based on a press release statement from AMD. In other recent news, Advanced Micro Devices (AMD) has made significant strides in the artificial intelligence (AI) sector with the completion of two key acquisitions. AMD recently acquired ZT Systems for $4.9 billion and Europe's largest private artificial intelligence laboratory, Silo AI, for approximately $665 million. These acquisitions are expected to bolster AMD's server and AI data center capabilities, with the company planning to divest ZT Systems' manufacturing operations while retaining 1,000 engineers. This move is projected to add around $150 million in operational expenses, resulting in a roughly 1.5% dilution in earnings per share. On the financial front, AMD reported robust Q2 results, with revenues of $5.835 billion surpassing Street consensus by $110 million, and the company's data center segment saw record revenue growth of 115% to $2.8 billion. Analysts at Evercore ISI, Citi, Northland, and Piper Sandler have maintained their positive outlook on AMD's strategic direction and potential for growth. These recent developments highlight AMD's strategic focus on enhancing its AI capabilities and its potential for growth in the AI and data center segments. As AMD welcomes Keith Strier to lead its global AI markets, the company's financial health and market position remain essential factors for investors monitoring its growth trajectory in the AI sector. According to InvestingPro data, AMD boasts a robust market capitalization of $221.65 billion, indicative of its significant presence in the tech industry. Despite the company's high price-to-earnings (P/E) ratio of 163.82, which suggests a premium valuation, AMD's revenue has shown a healthy growth of 6.4% over the last twelve months as of Q2 2024. This growth is further reflected in a quarterly increase of 8.88%, underscoring the company's ongoing expansion efforts. InvestingPro Tips reveal that AMD is a prominent player in the Semiconductors & Semiconductor Equipment industry, which is integral to the development and deployment of AI technologies. The company's liquid assets also exceed its short-term obligations, providing financial flexibility to pursue strategic initiatives like the one led by Strier. For investors interested in AMD's future prospects, it's worth noting that analysts predict the company will be profitable this year, aligning with the company's positive net income growth expectations. For a deeper dive into AMD's financials and to access additional insights, there are 15 more InvestingPro Tips available at https://www.investing.com/pro/AMD. These tips can help investors gauge the potential risks and opportunities that lie ahead for AMD as it continues to navigate the competitive landscape of AI and high-performance computing.
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Advanced Micro Devices (AMD) has hired Keith Strier, a former NVIDIA executive, as its new Senior Vice President of Global AI Markets. This strategic move aims to bolster AMD's position in the rapidly growing artificial intelligence sector.
Advanced Micro Devices (AMD) has made a significant move in the artificial intelligence (AI) arena by appointing Keith Strier as its new Senior Vice President of Global AI Markets 1. This appointment marks a crucial step in AMD's efforts to strengthen its position in the rapidly expanding AI sector.
Strier brings a wealth of experience to his new role at AMD. He previously served as the Vice President of Worldwide AI Initiatives at NVIDIA, AMD's main competitor in the graphics processing unit (GPU) market 2. His expertise in AI strategy and implementation is expected to be a valuable asset for AMD as it seeks to compete more aggressively in the AI space.
In his new position, Strier will be responsible for leading AMD's global AI strategy. This includes overseeing the company's efforts to expand its presence in AI markets worldwide and develop new AI-focused products and solutions [1]. The appointment underscores AMD's commitment to becoming a major player in the AI industry, which has seen explosive growth in recent years.
Strier's move from NVIDIA to AMD is significant in the context of the ongoing competition between the two companies. NVIDIA has long been a dominant force in the GPU market, particularly in AI applications. By bringing on board a former NVIDIA executive with extensive AI experience, AMD is signaling its intention to challenge NVIDIA's leadership position more directly [2].
AMD has been working to enhance its AI capabilities, with products like its Instinct MI300 accelerators designed for AI workloads [1]. Strier's appointment is expected to further drive the development and marketing of AMD's AI-focused hardware and software solutions.
The news of Strier's appointment was well-received by investors, with AMD's stock price seeing a modest increase following the announcement [2]. This positive market reaction suggests that investors view the hire as a strategic move that could potentially boost AMD's competitiveness in the AI market.
As AI continues to play an increasingly important role across various industries, AMD's focus on strengthening its AI capabilities could be crucial for its long-term growth and market position. With Strier at the helm of its global AI strategy, AMD is poised to accelerate its efforts in this critical technology sector [1][2].
Reference
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AMD's Q2 earnings report shows significant growth in AI chip sector and data center business. Analysts remain positive on long-term prospects despite some near-term challenges.
20 Sources
AMD's CEO Lisa Su emphasizes the company's accelerated AI roadmap and the ongoing AI industry growth. She discusses AMD's strategic positioning and future plans in the rapidly evolving AI market.
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NVIDIA and AMD stocks are soaring as the AI chip market expands. Analysts predict continued growth and increased competition in the sector, with both companies well-positioned to benefit from the AI boom.
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AMD has announced the acquisition of ZT Systems for $2.7 billion, aiming to strengthen its position in the AI server market and compete with Nvidia. This strategic move is expected to enhance AMD's data center capabilities and accelerate its AI initiatives.
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AMD reports strong Q2 2024 earnings, driven by exceptional AI chip sales and data center growth. The company's Instinct MI300 accelerators gain traction in the AI market, challenging NVIDIA's dominance.
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