AMD to acquire ZT Systems for up to $4.9B to expand data center AI systems

ADVANCED MICRO DEVICES INC

AMD signs definitive agreement to acquire ZT Systems for $4.9B: $1.125B in stock (8.34M shares) + $3.375B cash, plus up to $400M contingent.
Transaction expected to close in H1 2025; accretive on non-GAAP basis by end of 2025.
ZT Systems brings hyperscale AI infrastructure expertise; AMD plans to seek buyer for ZT's manufacturing business.
ZT CEO Frank Zhang to lead manufacturing unit; Doug Huang to lead design team after close.
AMD invested over $1B in AI ecosystem in last 12 months; cites $400B data center AI accelerator TAM by 2027.

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