AMD Appoints Former NVIDIA VP Keith Strier to Lead Global AI Strategy

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

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.