By Sabela Ojea
Shares of Absci on Wednesday jumped following a report on a $20 million investment from Advanced Micro Devices.
The stock was up 27% to $3.89 in pre-market trading. Through Tuesday's close, shares have fallen 25% over the past 12 months.
Advanced Micro Devices is making the investment in the Washington state-based drug-discovery company to sell its artificial intelligence chips in the healthcare sector, The Wall Street Journal reported.
The deal is structured as a private investment in a public equity and includes an equity stake in Absci, the Journal reported, adding that AMD didn't disclose the amount of its stake.
The move is AMD's first attempt to gain footing in life sciences with its AI chips, a space also targeted by its rival Nvidia.
In 2023, Nvidia invested $50 million to boost Recursion Pharmaceuticals' AI-based drug-discovery efforts and provided the underlying hardware for that work.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
January 08, 2025 07:36 ET (12:36 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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