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AMD stock price target raised at Roth MKM, Wells Fargo after Silo AI acquisition

2024.07.11 07:10

AMD stock price target raised at Roth MKM, Wells Fargo after Silo AI acquisition

Roth MKM reiterated a Buy rating on AMD (NASDAQ:) shares and lifted its price target from $180 to $200, saying its recent acquisition of Silo AI should improve the chipmaker’s competitive position.

“We believe AMD’s recent AI software acquisition and the multiple additional acquisitions that came previously can drive increasing adoption of opensource AI software tools and help close the gap with leading proprietary AI frameworks,” analysts at Roth MKM said in a note.

“We believe AMD’s improving software position will drive increasing traction for the company’s Instinct AI processor family,” they added.

Silo AI, the largest private AI lab in Europe, specializes in integrating AI into products, services, and operations across various industries. Serving clients like Allianz, Philips, Rolls-Royce, and Unilever, Silo AI is known for developing open-source multilingual Large Language Models (LLMs) such as Poro and Viking, which are built on AMD platforms.

Silo AI has highlighted its involvement in over 200 AI implementations across Europe and North America and currently employs more than 300 AI experts.

“This acquisition further deepens AMD’s internal AI implementation and open ecosystem capabilities — complementing AMD’s acquisitions of Mipsology and Nod.ai ” Wells Fargo analysts noted.

Mipsology is an AI software company focused on enhancing AMD’s full AI software stack capabilities, including tools, libraries, and models, while Nod.ai provides open software designed to accelerate AI solution deployments across AMD’s AI portfolio.

Wells Fargo also lifted its AMD price target from $190 to $205.

AMD said it has invested over $125 million in a dozen AI companies over the past 12 months.



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