Phil Guido, AMD's (NASDAQ:AMD) chief commercial officer, just made a bold move, he bought 4,645 shares of the company's stock for $500,000, marking AMD's first insider purchase since 2012, according to SEC filings.
Guido picked up the shares on February 7 at an average price of $107.56, bringing his total holdings to 33,522 shares. His purchase comes as AMD's stock flirts with a 52-week low of $106.50, down more than 35% over the past year as investors worry about its ability to compete with Nvidia (NASDAQ:NVDA) in AI chips.
The last time an AMD insider bought stock on the open market was in 2012, when Lisa Su, now CEO, purchased 48,000 shares at just $2.05 per share while serving as a senior VP. Guido, who joined AMD in June 2023 after a long career at IBM (NYSE:IBM), is now tasked with helping the company regain momentum and boost investor confidence.
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