Absci Rises After Report on $20M Investment by Advanced Micro Devices
Absci Corporation. was rising after a media report about the semiconductor company Advanced Micro Devices investing $20M in the AI drug creation company.
ABSI stock was trading +32% Wednesday pre-market at $4.05, while AMD was -2.8% to $123.76.
The private investment in public equity (PIPE) aims to help AMD increase the use of its AI chips in the healthcare sector, a January 8 report by the Wall Street Journal said.
The PIPE investment also includes an equity stake in Absci, according to the report.
The investment is reportedly Advanced Micro Devices' first attempt to enter the life sciences sector with its AI chips.
Absci is set to move toward greater use of AMD's GPUs, the report noted.
The biotechnology company is set to use the funds from the investment to continue building its AI models and to keep working on its internal drug development efforts, according to WSJ.
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