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AMD Market Cap Tops Intel

August 1, 2022

AMD topped Intel’s market cap on Friday. AMD stock was up 3% for the day with a market capitalization of $153 billion. Intel was down 9%, after missing expectations for profit and with declining revenue. Intel’s market cap fell to $148 billion at the end of trading on Friday.

Additionally, Mathew Hein is joining AMD as chief strategy officer and senior vice president of corporate development, effective June 27, 2022. Hein will be responsible for advancing the company’s strategy across an expanded market for high-performance and adaptive computing solutions and will work closely with the AMD executive team to accelerate the company’s next phase of growth. Hein will report to AMD Chair and CEO, Dr. Lisa Su.

“The need for high-performance and adaptive computing products is only increasing, as the world demands more compute to power every aspect of our daily lives,” said Dr. Lisa Su, AMD chair and CEO. “Mat is a seasoned strategist with deep industry experience and a proven track record of architecting transformative growth opportunities, including our recent acquisition of Xilinx. He is a strong addition to our executive team as we continue to grow our business and capitalize on the right opportunities to drive a leadership position and greater market share for our portfolio of high-performance and adaptive products.”

Hein brings extensive experience in strategic planning and business development, technology investment banking and capital raising transactions for established and emerging growth companies in the semiconductor, high-performance computing and broader technology markets. He joins AMD from DBO Partners, where he served as lead advisor to AMD on a number of opportunities. Prior to DBO, Hein spent 17 years at Morgan Stanley in a variety of leadership positions, including managing director of the Technology Investment Banking Group and global head of Semiconductor Banking. Hein was named a Top Investment Banker in North America for 2020 by MergerLinks.

Also, the CHIPS Act of 2022 (H.R. 4346) has passed Congress. The legislation that would provide $52 billion for semiconductor manufacturing incentives and research investments, as well as an investment tax credit for semiconductor manufacturing. The Senate passed the bill yesterday, and it will now be sent to President Biden’s desk to be signed into law.

The Semiconductor Industry Association (SIA) President and CEO John Neuffer said, "By passing the CHIPS Act, Congress has risen to a defining challenge of our time, seized an historic opportunity to fortify American semiconductor manufacturing, design, and research, and delivered a big win for our country. The bill’s investments in chip production and innovation will strengthen America’s economy and national security – both of which rely heavily on chips – and reinforce our country’s semiconductor supply chains.

“We applaud the unwavering leadership of the bill’s champions in Congress – led by Sens. Schumer, Cornyn, and Warner, as well as Reps. Matsui and McCaul – and salute the tireless work of President Biden, Secretary Raimondo, and others in the administration to advance the legislation. The CHIPS Act will help usher in a better, brighter American future built on semiconductors, and we urge the president to swiftly sign it into law.”

The CHIPS Act of 2022 has a total cost of $79.344 billion over 10 years, according to the official scorekeeper for Congress, the non-partisan Congressional Budget Office (CBO). These investments will create hundreds of thousands of American jobs, spur hundreds of billions of dollars in chip company investments in the U.S., and ensure more resilient chip supply chains for key manufacturing industries in the U.S. and for the national security community.

The share of modern semiconductor manufacturing capacity located in the U.S. has decreased from 37% in 1990 to 12% today. This decline is largely due to substantial manufacturing incentives offered by the governments of our global competitors, placing the U.S. at a competitive disadvantage in attracting new construction of semiconductor manufacturing facilities, or “fabs.” Additionally, federal investment in semiconductor research has been flat as a share of GDP, while other governments have invested substantially in research initiatives to strengthen their own semiconductor capabilities, and existing U.S. tax incentives for R&D lag those of other countries.

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