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AMD to invest $400 million in India by 2028: Here’s what we know

US chipmaker Advanced Micro Devices said on Friday it will invest around $400 million in India over the next five years and will build its largest design center in the tech hub of Bengaluru. AMD’s announcement was made by its Chief Technology Officer Mark Papermaster at an annual semiconductor conference that started Friday in Prime Minister Narendra Modi’s home state of Gujarat. Other speakers at the flagship event include Foxconn Chairman Young Liu and Micron CEO Sanjay Mehrotra. Despite being a late entrant, the Modi government has been courting investments into India’s nascent chip sector to establish its credentials as a chipmaking hub. AMD said it will open its new design centre campus in Bengaluru by end of this year and create 3,000 new engineering roles within five years. “Our India teams will continue to play a pivotal role in delivering the high-performance and adaptive solutions that support AMD customers worldwide,” Papermaster said. The new 500,000-square-foot (55,5...
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After FTX, crypto finance firm BlockFi files for bankruptcy

Crypto finance firm BlockFi has filed for bankruptcy to help “stabilise its business,” as investors are yet to recover from the fall of crypto exchange FTX.

BlockFi and eight of its affiliates have filed for Chapter 11 bankruptcy Code in the US Bankruptcy Court for the District of New Jersey to provide the company with the “opportunity to consummate a comprehensive restructuring transaction that maximises value for all clients and other stakeholders”.

“With the collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the Company,” said Mark Renzi of Berkeley Research Group, the Company’s financial advisor.

“From inception, BlockFi has worked to positively shape the cryptocurrency industry and advance the sector. BlockFi looks forward to a transparent process that achieves the best outcome for all clients and other stakeholders,” Renzi said in a statement.

The company said that platform activity continues to be paused at this time.

BlockFi has $256.9 million in cash on hand, which, it said, is expected to provide sufficient liquidity to support certain operations during the restructuring process.

According to a report from Decrypt, the company is also planning to lay off “a large portion” of its workers.

Earlier this month, FTX filed for bankruptcy due to “an extreme amount of coordinated pressure”, which its CEO Sam Bankman-Fried said he agreed to “reluctantly.”

Bankman-Fried “froze up in the face of pressure” as his company collapsed, bringing its collateral down to $8 billion from $60 billion.

The beleaguered crypto exchange secured $420 million in October 2021.

BlockFi said that as part of its restructuring efforts, the company will focus on recovering all obligations owed to BlockFi by its counterparties, including FTX and associated corporate entities.

“Due to the recent collapse of FTX and its ensuing bankruptcy process, which remains ongoing, the company expects that recoveries from FTX will be delayed,” it said.

— IANS

The post After FTX, crypto finance firm BlockFi files for bankruptcy appeared first on BGR India.



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