AMD以近50亿美元收购ZT Systems，剑指Nvidia的AI市场
半导体行业观察
2024年08月20日 09:29 上海

AMD今日宣布签署最终协议，收购ZT Systems，后者是全球最大超大规模计算公司领先的 AI 基础设施提供商。此次战略交易标志着 AMD AI 战略迈出了重要的一步，即基于跨芯片、软件和系统的创新提供领先的 AI 训练和推理解决方案。ZT Systems 在设计和优化云计算解决方案方面的丰富经验还将帮助云和企业客户显著加快大规模部署由 AMD 提供支持的 AI 基础设施。

AMD 已同意以现金和股票交易的方式收购 ZT Systems，交易价值为 49 亿美元，其中包括根据交易完成后的某些里程碑支付的高达 4 亿美元的或有付款。AMD 预计，到 2025 年底，该交易将在非 GAAP 基础上实现增值。

AMD 董事长兼首席执行官苏姿丰博士表示：“收购 ZT Systems 是我们长期 AI 战略的下一个重要步骤，旨在提供可在云端和企业客户中快速大规模部署的领导力培训和推理解决方案。ZT带来了世界一流的系统设计和机架级解决方案专业知识，将大大增强我们的数据中心 AI 系统和客户支持能力。此次收购还建立在我们为加速 AI 硬件和软件路线图而进行的投资之上。将我们的高性能 Instinct AI 加速器、EPYC CPU 和网络产品组合与 ZT Systems 业界领先的数据中心系统专业知识相结合，将使 AMD 能够通过我们的 OEM 和 ODM 合作伙伴生态系统大规模提供端到端数据中心 AI 基础设施。”

ZT Systems 总部位于新泽西州西考卡斯，拥有超过 15 年为全球最大的云公司设计和部署数据中心 AI 计算和存储基础设施的经验。ZT Systems 的设计、集成、制造和部署能力使其成为 AI 训练和推理基础设施的领先提供商之一。

ZT Systems 首席执行官 Frank Zhang 表示：“我们很高兴加入 AMD，共同在设计定义计算未来的 AI 基础设施方面发挥更大作用。近 30 年来，我们不断发展业务，成为全球最大云公司的关键计算和存储基础设施的领先供应商。AMD 与我们有着共同的愿景，即我们的技术和员工在设计和构建支持全球最大数据中心的计算基础设施方面发挥着重要作用。”

交易完成后，ZT Systems 将加入 AMD 数据中心解决方案业务集团。ZT 首席执行官 Frank Zhang 将领导制造业务，ZT 总裁 Doug Huang 将领导设计和客户支持团队，两人均向 AMD 执行副总裁兼总经理Forrest Norrod汇报。AMD 将寻求战略合作伙伴收购 ZT Systems 业界领先的美国数据中心基础设施制造业务。

收购 ZT Systems 是 AMD 为大幅增强公司 AI 能力而进行的一系列投资中的最新一项。在过去 12 个月中，除了增加有机研发活动外，AMD 还投资了超过 10 亿美元来扩展 AMD AI 生态系统并增强公司的 AI 软件能力。

AMD 收购ZT Systems，出人意料

今天早上，AMD 宣布收购 ZT Systems。对于那些不了解的人来说，ZT Systems 构建了该公司的许多超大规模 AI 系统。从某些方面来看，这次收购是有意义的。从其他方面来看，它告诉我们很多有关 AI 行业的信息。

该交易价值 49 亿美元，之后将支付 4 亿美元的或有付款。然而，净交易价值应该远低于这一数字，因为两家公司宣布 ZT Systems 制造部门将在未来被剥离。这是一项价值数十亿美元的制造业务，因此我们预计该业务将有多个买家。

考虑到 ZT Systems 的产品，买家可能是 MiTAC、QCT、HPE、戴尔、Supermicro、Sanmina、Flex 或其他大型供应商或私募股权公司。对于 HPE 来说，这将是一个不错的 AI 故事，因为 Supermicro 和戴尔遥遥领先。AMD 计划将 ZT Systems 的收入归类为已停止运营的业务，并将面临一些出售压力。虽然它拥有制造业务，但它将与客户竞争，因此迅速剥离该业务非常重要。

典型的大型 AI 集群有几个主要系统。高端 IP 系统通常位于 AI 加速器/GPU、CPU、RDMA NIC、交换机芯片等中。低端 IP 系统通常是数据中心回路和机架内冷却的液体冷却、数据大厅的配电和建筑物的供电、物理机架设计和部署、管理网络、物理安全和保障等。如果你退一步，很容易看到这种情况，因为很少有公司（通常 2-3 家）在制造高端 IP 类别，而许多公司（通常 10 多家）在制造低端 IP 系统。

去年我们报道了Supermicro 定制液冷机架：冷却分布概览。这是一个关键的区别因素，也是为什么戴尔可以向大客户提供许多 NVIDIA 服务器，而 Supermicro 能够提供液冷，而戴尔目前提供风冷。速度很重要。

对于 AMD 来说，拥有 8 路 GPU 盒固然很好，但它只能解决部分问题。随着美国和欧洲等地发现新的电力和水源，公司需要弄清楚如何部署 8 路系统。

AMD 收购 ZT 的工程资源使其获得了这种加速。当 AMD 谈到今年 40 至 50 亿美元的 AI 服务器收入时，重要的是要将其视为 1 至 2 个 GPU 集群的价值。NVIDIA 方面的 Supermicro 等公司现在可以在不到一个月的时间内提供完整的 40 至 50 亿美元集群。如果 AMD 要扩大规模，它不仅需要技术和价格来证明对 NVIDIA 的投资是合理的，还需要在相同的窗口中可用。GPU 集群现在如此之大，以至于集群需要一年时间才能上线是不可接受的。对于 HPE-Cray 政府百亿亿次级超级计算机来说，三年（或更长时间）感觉就像是可笑的旧石器时代项目规划速度。

我们的感觉是，一旦制造业务出售，收购 ZT Systems 的净购买价格将远低于 49 亿美元。对于像 HPE 这样的公司来说，这将使其在 AI 领域一夜成名，因为它落后于 Supermicro 和戴尔。AMD 真正有能力满足客户的 AI STD（部署速度）需求，而不是试图直接与合作伙伴竞争。如果它不解决 AI STD 指标，那么它将无法在未来竞争。对于超级扩展者、NVIDIA、AMD、Cerebras 和英特尔以外的任何 AI 初创公司来说，这都是一笔巨大的交易。

AMD to Significantly Expand Data Center AI Systems Capabilities with Acquisition of Hyperscale Solutions Provider ZT Systems
AUGUST 19, 2024 6:00AM EDT

— Strategic acquisition to provide AMD with industry-leading systems expertise to accelerate deployment of optimized rack-scale solutions addressing $400 billion data center AI accelerator opportunity in 2027 —

- ZT Systems, a leading provider of AI and general purpose compute infrastructure for the world’s largest hyperscale providers, brings extensive AI systems expertise that complements AMD silicon and software capabilities

- Addition of world-class design and customer enablement teams to accelerate deployment of AMD AI rack scale systems with cloud and enterprise customers

- AMD to seek strategic partner to acquire ZT Systems’ industry-leading manufacturing business

- Transaction expected to be accretive on a non-GAAP basis by the end of 2025
SANTA CLARA, Calif., Aug. 19, 2024 (GLOBE NEWSWIRE) -- AMD (NASDAQ: AMD) today announced the signing of a definitive agreement to acquire ZT Systems, a leading provider of AI infrastructure for the world’s largest hyperscale computing companies. The strategic transaction marks the next major step in AMD’s AI strategy to deliver leadership AI training and inferencing solutions based on innovating across silicon, software and systems. ZT Systems’ extensive experience designing and optimizing cloud computing solutions will also help cloud and enterprise customers significantly accelerate the deployment of AMD-powered AI infrastructure at scale.

AMD has agreed to acquire ZT Systems in a cash and stock transaction valued at $4.9 billion, inclusive of a contingent payment of up to $400 million based on certain post-closing milestones. AMD expects the transaction to be accretive on a non-GAAP basis by the end of 2025.

“Our acquisition of ZT Systems is the next major step in our long-term AI strategy to deliver leadership training and inferencing solutions that can be rapidly deployed at scale across cloud and enterprise customers,” said AMD Chair and CEO Dr. Lisa Su. “ZT adds world-class systems design and rack-scale solutions expertise that will significantly strengthen our data center AI systems and customer enablement capabilities. This acquisition also builds on the investments we have made to accelerate our AI hardware and software roadmaps. Combining our high-performance Instinct AI accelerator, EPYC CPU, and networking product portfolios with ZT Systems’ industry-leading data center systems expertise will enable AMD to deliver end-to-end data center AI infrastructure at scale with our ecosystem of OEM and ODM partners.”

Headquartered in Secaucus, New Jersey, ZT Systems?has more than 15 years of experience designing and deploying data center AI compute and storage infrastructure at scale for the largest global cloud companies. ZT Systems’ design, integration, manufacturing and deployment capabilities have made them one of the leading providers of AI training and inference infrastructure.

“We are excited to join AMD and together play an even larger role designing the AI infrastructure that is defining the future of computing,” said Frank Zhang, CEO of ZT Systems. “For almost 30 years we have evolved our business to become a leading provider of critical computing and storage infrastructure for the world’s largest cloud companies. AMD shares our vision for the important role our technology and our people play designing and building the computing infrastructure powering the largest data centers in the world.”

Following transaction close, ZT Systems will join the AMD Data Center Solutions Business Group. ZT CEO Frank Zhang will lead the manufacturing business and ZT President Doug Huang will lead the design and customer enablement teams, both reporting to AMD Executive Vice President and General Manager Forrest Norrod. AMD will seek a strategic partner to acquire ZT Systems’ industry-leading U.S.-based data center infrastructure manufacturing business.

The acquisition of ZT Systems marks the latest in a series of investments by AMD to significantly strengthen the company’s AI capabilities. In the last 12 months, in addition to increasing organic R&D activities, AMD has invested more than $1 billion to expand the AMD AI ecosystem and strengthen the company’s AI software capabilities.

Additional Transaction Details
The transaction has been unanimously approved by the AMD Board of Directors. The acquisition is currently expected to close in the first half of 2025, subject to certain regulatory approvals and other customary closing conditions.

Conference?Call and Webcast?Details
AMD will hold a conference call for the financial community at 8:30 am EDT today to discuss the transaction. AMD will provide a real-time audio broadcast of the teleconference on the?Investor Relations?page of its website at?ir.amd.com. The webcast will be available for 12 months after the conference call.

Advisors
Citi is acting as exclusive financial advisor to AMD and Latham & Watkins LLP is serving as its legal advisor. Goldman Sachs & Co. LLC is acting as exclusive financial advisor to ZT Systems and Paul, Weiss, LLP is serving as its legal advisor.

About AMD
For more than 50 years AMD has driven innovation in high-performance computing, graphics and visualization technologies. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. Billions of people, leading Fortune 500 businesses and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work and play. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, LinkedIn and X pages.

About ZT Systems
ZT Systems is a leading supplier of hyperscale server solutions for cloud computing and artificial intelligence. With over 29 years of experience, ZT Systems is headquartered in Secaucus, NJ. Global manufacturing spanning the US, EMEA and APAC helps ZT Systems deliver on our mission of empowering our digital world with the most advanced technology infrastructure for cloud and AI. Learn more at?ztsystems.com.

Cautionary Statement
The statements in this press release include forward-looking statements concerning Advanced Micro Devices, Inc. (AMD), ZT Systems, the proposed transaction described herein and other matters. Forward-looking statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs and involve numerous risks and uncertainties that could cause actual results to differ materially from expectations. Forward-looking statements speak only as of the date they are made or as of the dates indicated in the statements and should not be relied upon as predictions of future events, as there can be no assurance that the events or circumstances reflected in these statements will be achieved or will occur. Forward-looking statements can often, but not always, be identified by the use of forward-looking terminology including “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “plans,” “pro forma,” “estimates,” “anticipates,” “designed,” or the negative of these words and phrases, other variations of these words and phrases or comparable terminology. The forward-looking statements in this press release relate to, among other things, data center AI accelerator opportunity, obtaining applicable regulatory approvals, satisfying other closing conditions to the transaction, the expected timing of the transaction, and the integration of the businesses, sale of ZT Systems’ manufacturing business, and the expected benefits, accretion, synergies and growth to result therefrom. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the statements. These risks include, among other things: failure to obtain applicable regulatory approvals in a timely manner or otherwise; failure to satisfy other closing conditions to the transaction or to complete the transaction on anticipated terms and timing; negative effects of the announcement of the transaction; risks that the businesses will not be integrated successfully, the ability of AMD to sell ZT Systems’ manufacturing business on a timely basis or at all, or that AMD will not realize expected benefits, cost savings, accretion, synergies and/or growth, or that such benefits may take longer to realize than expected; the risk that disruptions from the transaction will harm business plans and operations; risks relating to unanticipated costs of integration and sale of ZT Systems’ manufacturing business; significant transaction, integration and separation costs, or difficulties and/or unknown or inestimable liabilities in connection with the transaction or sale of ZT Systems’ manufacturing business; restrictions during the pendency of the transaction that may impact the ability to pursue certain business opportunities or strategic transactions; the potential impact of the announcement or consummation of the transaction or sale of ZT’s System’s manufacturing business on AMD’s, ZT Systems’ or the combined company’s relationships with suppliers, customers, employees and regulators; and demand for AMD’s, ZT Systems’, or the combined company’s products. For a discussion of factors that could cause actual results to differ materially from those contemplated by forward-looking statements, see the section captioned “Risk Factors” in AMD’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023, subsequent Quarterly Reports on Form 10-Q and other filings with the SEC. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. AMD does not assume, and hereby disclaims, any obligation to update forward-looking statements, except as may be required by law.

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