AMD to Acquire AI Software Startup in Effort to Catch Nvidia
October 10: Advanced Micro Devices (AMD) announced on Tuesday that it plans to acquire artificial intelligence (AI) software startup Nod.ai as part of an effort to bolster its AI capabilities and catch up to rival Nvidia. The deal is expected to close in the fourth quarter of 2023
“We are executing to that strategy,” AMD president Victor Peng said in an interview with Reuters. “And doing it through internal investment as well as external acquisitions.”
Nod.ai develops AI software that helps businesses improve their customer service and sales operations. The company’s software is used by a variety of companies, including Google, Microsoft, and Salesforce.
AMD’s acquisition of Nod.ai is seen as a sign of the company’s commitment to AI. AMD has been investing heavily in AI in recent years, and the acquisition of Nod.ai will give the company a boost in its efforts to compete with Nvidia.
AMD didn’t say how much they paid for Nod.ai, but Nod.ai had raised about $36.5 million before. Earlier this year, AMD created a group for AI, and Nod.ai will be part of it. The AI group has 1,500 engineers, mostly working on software, and they plan to hire 300 more this year and more in 2024.
Nvidia is the leading provider of AI chips and software. The company’s chips are used by businesses and researchers around the world for AI applications such as machine learning and deep learning.
“We have been growing rapidly, with plans for next year as well,” Vamsi Boppana, senior vice president, Artificial Intelligence Group at AMD said according to Reuters
AMD’s acquisition of Nod.ai is a positive development for the company. AI is a rapidly growing market, and AMD is well-positioned to capitalize on this growth. The acquisition of Nod.ai will give AMD a strong foothold in the AI software market and will help the company to compete with Nvidia.
The acquisition is expected to close in the fourth quarter of 2023.
- inputs from agencies
Be the first to comment