The deal, which AMD expects to close at the end of 2021, will create a combined company with 13,000 engineers and a completely outsourced manufacturing strategy that relies heavily on Taiwan Semiconductor Manufacturing Co Ltd .
Since Chief Executive Lisa Su took over AMD in 2014, she has focused on challenging Intel in the fast-growing business of data centers that power internet-based applications and services and are fuelling the rise of artificial intelligence and fifth-generation telecommunications networks. The tie-up comes at a time when Intel's manufacturing technology has fallen years behind TSMC's. AMD, which spun off its factories nearly a decade ago, has rocketed ahead of Intel with chips that perform better. The performance edge helped AMD gain its best market share since 2013 at slightly less than 20% of the CPU market, which has in turn pushed its shares up 79% this year.
"We ended up with TSMC, and have stayed with them, not due to any contractual reason - we could go to any fab at any time - but because they are best-in-class," Peng told Reuters in an interview. "It's about the choices you make." AMD also reported earnings on Tuesday earlier than scheduled. It reported revenue and adjusted earnings of $2.80 billion and 41 cents per share, beating Wall Street expectations of $2.57 billion and 36 cents per share, according to IBES data from Refinitiv.
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