AMD Bets Big on Its Own Comeback with New State-of-the-Art Headquarters

Computer processor maker Advanced Micro Devices, Inc. (NASDAQ:AMD) is one of 2016’s biggest comeback stories, and now the company is betting big on its future with a massive new headquarters in Silicon Valley.

From the press release:

The soon to be completed six-story building will provide a modern, upgraded Silicon Valley office featuring contemporary finishes and state-of-the-art features and amenities for up to 1,000 local employees, capable of meeting current needs and accommodating future growth.

“Building on our 47 year legacy of technology innovation and leadership in Silicon Valley, our move to the Santa Clara Square complex will give us a modern and inspiring workspace to continue our leading-edge product development efforts,” said Ruth Cotter, Chief Human Relations Officer and Senior Vice President of Corporate Communications at AMD. “The prominent location and compelling work environment will help to foster new ideas in a collaborative environment while helping us to attract top talent in the region.”

AMD has entered into a long-term lease agreement for the new Santa Clara Square building, developed and operated by The Irvine Company. Located less than two miles south of AMD’s current location, the new headquarters will keep AMD close to key customers, partners, and public transportation options. Employee and equipment moves are expected to begin in Q3 2017 and be completed by the end of 2017.

The move follows AMD’s seemingly sudden resurrection from the tech stock bargain bin. As recently as February of this year, the shares traded below $2.

AMD-2016-08-22

AMD shares rose to $7.74, up $0.12 (+1.57%) in premarket trading Monday. The stock has gained 165% year-to-date, and 328% over the past 12 months. The company reported a return to top-line growth after many years of declines last month, also posting an adjusted quarterly profit for the first time since 2014.

While AMD continues to lag its giant competitor Intel in the traditional processor market, and NVIDIA in the graphics market, the company’s comeback has been fueled by strong performance in its Embedded and Semi-Custom units.

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