Upstage Considers 10,000 AMD MI355 AI Chips as $711B Selloff Hits Chipmakers
South Korea’s AI startup Upstage is in talks to buy 10,000 AMD MI355 AI accelerators after CEO Sung Kim met with AMD’s Lisa Su. Meanwhile, AMD’s stock fell following its earnings as post-earnings selloffs contributed to a combined $711 billion market value loss for Nvidia and AMD.
1. Talks for 10,000 MI355 Accelerators
Upstage CEO Sung Kim and AMD CEO Lisa Su discussed a potential 10,000-unit purchase of AMD’s MI355 AI accelerators during a meeting in Seoul. The deal aims to diversify Upstage’s compute stack beyond Nvidia, supporting its entry in South Korea’s government-sponsored AI foundation model competition and planned expansion into Vietnam and the UAE.
2. Post-Earnings Selloff and Market Value Loss
AMD’s stock declined after its latest earnings release, contributing to a combined $711 billion wipeout in market value for AMD and Nvidia. Strong data center revenue growth—32% to $16.6 billion—has not prevented investor concerns over AI earnings conversion and emerging competition from in-house chip efforts.