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AMD以近50億美元收購ZT Systems，劍指Nvidia的AI市場
半導(dǎo)體行業(yè)觀察
2024年08月20日 09:29 上海
AMD今日宣布簽署最終協(xié)議，收購ZT Systems，后者是全球最大超大規(guī)模計算公司領(lǐng)先的 AI 基礎(chǔ)設(shè)施提供商。此次戰(zhàn)略交易標(biāo)志著 AMD AI 戰(zhàn)略邁出了重要的一步，即基于跨芯片、軟件和系統(tǒng)的創(chuàng)新提供領(lǐng)先的 AI 訓(xùn)練和推理解決方案。ZT Systems 在設(shè)計和優(yōu)化云計算解決方案方面的豐富經(jīng)驗還將幫助云和企業(yè)客戶顯著加快大規(guī)模部署由 AMD 提供支持的 AI 基礎(chǔ)設(shè)施。
AMD 已同意以現(xiàn)金和股票交易的方式收購 ZT Systems，交易價值為 49 億美元，其中包括根據(jù)交易完成后的某些里程碑支付的高達(dá) 4 億美元的或有付款。AMD 預(yù)計，到 2025 年底，該交易將在非 GAAP 基礎(chǔ)上實現(xiàn)增值。
AMD 董事長兼首席執(zhí)行官蘇姿豐博士表示：“收購 ZT Systems 是我們長期 AI 戰(zhàn)略的下一個重要步驟，旨在提供可在云端和企業(yè)客戶中快速大規(guī)模部署的領(lǐng)導(dǎo)力培訓(xùn)和推理解決方案。ZT帶來了世界一流的系統(tǒng)設(shè)計和機架級解決方案專業(yè)知識，將大大增強我們的數(shù)據(jù)中心 AI 系統(tǒng)和客戶支持能力。此次收購還建立在我們?yōu)榧铀?AI 硬件和軟件路線圖而進行的投資之上。將我們的高性能 Instinct AI 加速器、EPYC CPU 和網(wǎng)絡(luò)產(chǎn)品組合與 ZT Systems 業(yè)界領(lǐng)先的數(shù)據(jù)中心系統(tǒng)專業(yè)知識相結(jié)合，將使 AMD 能夠通過我們的 OEM 和 ODM 合作伙伴生態(tài)系統(tǒng)大規(guī)模提供端到端數(shù)據(jù)中心 AI 基礎(chǔ)設(shè)施。”
ZT Systems 總部位于新澤西州西考卡斯，擁有超過 15 年為全球最大的云公司設(shè)計和部署數(shù)據(jù)中心 AI 計算和存儲基礎(chǔ)設(shè)施的經(jīng)驗。ZT Systems 的設(shè)計、集成、制造和部署能力使其成為 AI 訓(xùn)練和推理基礎(chǔ)設(shè)施的領(lǐng)先提供商之一。
ZT Systems 首席執(zhí)行官 Frank Zhang 表示：“我們很高興加入 AMD，共同在設(shè)計定義計算未來的 AI 基礎(chǔ)設(shè)施方面發(fā)揮更大作用。近 30 年來，我們不斷發(fā)展業(yè)務(wù)，成為全球最大云公司的關(guān)鍵計算和存儲基礎(chǔ)設(shè)施的領(lǐng)先供應(yīng)商。AMD 與我們有著共同的愿景，即我們的技術(shù)和員工在設(shè)計和構(gòu)建支持全球最大數(shù)據(jù)中心的計算基礎(chǔ)設(shè)施方面發(fā)揮著重要作用�！�
交易完成后，ZT Systems 將加入 AMD 數(shù)據(jù)中心解決方案業(yè)務(wù)集團。ZT 首席執(zhí)行官 Frank Zhang 將領(lǐng)導(dǎo)制造業(yè)務(wù)，ZT 總裁 Doug Huang 將領(lǐng)導(dǎo)設(shè)計和客戶支持團隊，兩人均向 AMD 執(zhí)行副總裁兼總經(jīng)理Forrest Norrod匯報。AMD 將尋求戰(zhàn)略合作伙伴收購 ZT Systems 業(yè)界領(lǐng)先的美國數(shù)據(jù)中心基礎(chǔ)設(shè)施制造業(yè)務(wù)。
收購 ZT Systems 是 AMD 為大幅增強公司 AI 能力而進行的一系列投資中的最新一項。在過去 12 個月中，除了增加有機研發(fā)活動外，AMD 還投資了超過 10 億美元來擴展 AMD AI 生態(tài)系統(tǒng)并增強公司的 AI 軟件能力。
AMD 收購ZT Systems，出人意料
今天早上，AMD 宣布收購 ZT Systems。對于那些不了解的人來說，ZT Systems 構(gòu)建了該公司的許多超大規(guī)模 AI 系統(tǒng)。從某些方面來看，這次收購是有意義的。從其他方面來看，它告訴我們很多有關(guān) AI 行業(yè)的信息。
該交易價值 49 億美元，之后將支付 4 億美元的或有付款。然而，凈交易價值應(yīng)該遠(yuǎn)低于這一數(shù)字，因為兩家公司宣布 ZT Systems 制造部門將在未來被剝離。這是一項價值數(shù)十億美元的制造業(yè)務(wù)，因此我們預(yù)計該業(yè)務(wù)將有多個買家。
考慮到 ZT Systems 的產(chǎn)品，買家可能是 MiTAC、QCT、HPE、戴爾、Supermicro、Sanmina、Flex 或其他大型供應(yīng)商或私募股權(quán)公司。對于 HPE 來說，這將是一個不錯的 AI 故事，因為 Supermicro 和戴爾遙遙領(lǐng)先。AMD 計劃將 ZT Systems 的收入歸類為已停止運營的業(yè)務(wù)，并將面臨一些出售壓力。雖然它擁有制造業(yè)務(wù)，但它將與客戶競爭，因此迅速剝離該業(yè)務(wù)非常重要。
典型的大型 AI 集群有幾個主要系統(tǒng)。高端 IP 系統(tǒng)通常位于 AI 加速器/GPU、CPU、RDMA NIC、交換機芯片等中。低端 IP 系統(tǒng)通常是數(shù)據(jù)中心回路和機架內(nèi)冷卻的液體冷卻、數(shù)據(jù)大廳的配電和建筑物的供電、物理機架設(shè)計和部署、管理網(wǎng)絡(luò)、物理安全和保障等。如果你退一步，很容易看到這種情況，因為很少有公司（通常 2-3 家）在制造高端 IP 類別，而許多公司（通常 10 多家）在制造低端 IP 系統(tǒng)。
去年我們報道了Supermicro 定制液冷機架：冷卻分布概覽。這是一個關(guān)鍵的區(qū)別因素，也是為什么戴爾可以向大客戶提供許多 NVIDIA 服務(wù)器，而 Supermicro 能夠提供液冷，而戴爾目前提供風(fēng)冷。速度很重要。
對于 AMD 來說，擁有 8 路 GPU 盒固然很好，但它只能解決部分問題。隨著美國和歐洲等地發(fā)現(xiàn)新的電力和水源，公司需要弄清楚如何部署 8 路系統(tǒng)。
AMD 收購 ZT 的工程資源使其獲得了這種加速。當(dāng) AMD 談到今年 40 至 50 億美元的 AI 服務(wù)器收入時，重要的是要將其視為 1 至 2 個 GPU 集群的價值。NVIDIA 方面的 Supermicro 等公司現(xiàn)在可以在不到一個月的時間內(nèi)提供完整的 40 至 50 億美元集群。如果 AMD 要擴大規(guī)模，它不僅需要技術(shù)和價格來證明對 NVIDIA 的投資是合理的，還需要在相同的窗口中可用。GPU 集群現(xiàn)在如此之大，以至于集群需要一年時間才能上線是不可接受的。對于 HPE-Cray 政府百億億次級超級計算機來說，三年（或更長時間）感覺就像是可笑的舊石器時代項目規(guī)劃速度。
我們的感覺是，一旦制造業(yè)務(wù)出售，收購 ZT Systems 的凈購買價格將遠(yuǎn)低于 49 億美元。對于像 HPE 這樣的公司來說，這將使其在 AI 領(lǐng)域一夜成名，因為它落后于 Supermicro 和戴爾。AMD 真正有能力滿足客戶的 AI STD（部署速度）需求，而不是試圖直接與合作伙伴競爭。如果它不解決 AI STD 指標(biāo)，那么它將無法在未來競爭。對于超級擴展者、NVIDIA、AMD、Cerebras 和英特爾以外的任何 AI 初創(chuàng)公司來說，這都是一筆巨大的交易。
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.
關(guān)于我們
北京漢深流體技術(shù)有限公司是丹佛斯中國數(shù)據(jù)中心簽約代理商。產(chǎn)品包括FD83全流量自鎖球閥接頭，UQD系列液冷快速接頭、EHW194 EPDM液冷軟管、電磁閥、壓力和溫度傳感器及Manifold的生產(chǎn)和集成服務(wù)。在國家數(shù)字經(jīng)濟、東數(shù)西算、雙碳、新基建戰(zhàn)略的交匯點，公司聚焦組建高素質(zhì)、經(jīng)驗豐富的液冷工程師團隊，為客戶提供卓越的工程設(shè)計和強大的客戶服務(wù)。
公司產(chǎn)品涵蓋：丹佛斯液冷流體連接器、EPDM軟管、電磁閥、壓力和溫度傳感器及Manifold。
未來公司發(fā)展規(guī)劃：數(shù)據(jù)中心液冷基礎(chǔ)設(shè)施解決方案廠家，具備冷量分配單元（CDU）、二次側(cè)管路（SFN）和Manifold的專業(yè)研發(fā)設(shè)計制造能力。組建高素質(zhì)、經(jīng)驗豐富的液冷工程師團隊，為客戶提供卓越的工程設(shè)計和強大的客戶服務(wù)。
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針對機架式服務(wù)器中Manifold/節(jié)點、CDU/主回路等應(yīng)用場景，提供不同口徑及鎖緊方式的手動和全自動快速連接器。
- 針對高可用和高密度要求的刀片式機架，可提供帶浮動、自動校正不對中誤差的盲插連接器。以實現(xiàn)狹小空間的精準(zhǔn)對接。
- 基于OCP標(biāo)準(zhǔn)全新打造的UQD/UQDB通用快速連接器也將首次亮相, 支持全球范圍內(nèi)的大批量交付。
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