Member No.: 1044
Joined: November 9, 2004
| In a bold move to gain more market share from its Goliath rival Intel, Advanced Micro Devices today announced that it will acquire one of the big two graphics chipmakers, ATI, in a transaction valued at approximately $5.4 billion.
AMD shares were down nearly 5 percent or 90 cents on the news in mid-day trading while ATI shares spiked up 18 percent or $3 per share.
“This is a strategy that has been in making for a number of years that culminated today with acquisition of ATI,” said AMD CEO Hector Ruiz in a press conference in New York this morning, announcing the deal. “There was always the knowledge that visual communications would play a much bigger role going forward.”