AMD is having a great Summer.

The stock popped higher today after AMD announced its acquisition of Silo AI, Europe's largest private AI lab, for $665 million.

The deal, set to close in the second half of 2024, aims to strengthen AMD's AI capabilities. Silo AI specializes in creating AI-driven solutions for industries such as smart devices, autonomous vehicles, and smart cities. The acquisition brings significant AI expertise and innovation capabilities, which will now be integrated into AMD’s AI group.

One analyst noted that the acquisition brings in high-profile customers like Allianz, Philips, Rolls-Royce, and Unilever, along with 300 software experts. This move, along with the earlier purchase of Nod.ai, helps AMD bridge the software gap in the AI sector against its largest competitor, NVDA.

At LikeFolio, we knew NVDA wouldn't be the only winner in the AI chip race.

We issued a buy alert on AMD in April this year, when the stock was trading under $160.

Then we doubled down a month later.

AMD shares are up ~25% YTD and we see...

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