Diana Marszalek 02 Mar 2023 // 12:59PM GMT
SANTA CLARA, CA — Chipmaker Advanced Micro Devices is moving into the final stages of reviewing its global comms support, with four PR agencies left in the running for the lucrative business, PRovoke Media has learned.
Sources tell PRovoke Media that finalists in the pitch — among the largest global reviews of the last year — will be making their final presentations at the end of this month. The business is estimated to be worth eight figures per year.
AMD launched the review late last year following a lengthy partnership with Edelman, which has handled various parts of the company’s PR for more than a decade.
At that time, a spokesperson confirmed the pitch saying, “Based on the significant growth and ongoing diversification of our business as well as our recent acquisitions of Xilinx and Pensando, AMD is reviewing our overall PR agency network and support needs."
AMD is conducting the review in midst of a tough 2022, during which its share price dropped 50% as recession-related fears took their toll on the semiconductor industry.
The company, however, is banking on a better 2023, after stronger-than-expected data center chip sales in Q4 of last year and expansion into new sectors through major acquisitions.
In February of 2022, AMD bought adaptive computing company Xilinx for about $50 billion in one of the chip industry’s biggest deals ever. Three months later, the company expanded its data center solutions capabilities with its $1.9 billion acquisition of Pensando Systems.
Last year also saw AMD surpassing rival Intel in market cap, signifying an increasingly competitive market for chips.