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.
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.