AMD in 2012 was a hopeless enterprise, and its market value of less than $2.5 billion could be said? For comparison, Intel's market value is now $125 billion, which is obvious enough! The gap between the market capitalization of the two sides is 50 times, the gap in market share is not so big, about four times, and AMD has about 20 percent of the market share of PCs. But don't forget that AMD has always been a representative of cheapness! Last year's annual sales were only $4.5 billion, Intel's was $37.4 billion (their revenue sources are not only PCs, but also enterprise servers and other markets), and AMD's first two extreme sales this year have declined, and AMD's annual sales this year are only $3.6 billion, and they are still loss-making. From the inside, AMD's market capitalization can be $2 billion, which is already very good!

AMD's backwardness is not only in the market, but also in technology, it is said that AMD will release a new APU in October with a 32nm chip process, while Intel has already adopted a 22nm process, even Zhou Shi's licensed semiconductor also uses 28nm process technology, AMD's backwardness can be seen. Why does ALABA's GLOBALFOUNDRIES want to acquire licensed semiconductors, isn't it just to covet the advanced technology of the license?

At this time, AMD was really not a good company, that is, they had the authorization of X86 instruction set, a bunch of patented technical reserves, and a group of scientific researchers with good technical strength. The main thing is that Intel needs a rival to exist in order to avoid a monopoly and being forced to break up.

AMD shares are owned by some institutional investors, they really can't find anyone to take over, a while ago, AMD's stock price rose to $8, and then triggered a sell-off, and now the stock price is only $3.5, and it is still falling. Galaxy Capital's investment in AMD is basically a loss, but it can be regarded as infiltrating AMD's board of directors.

Originally, a major event such as the acquisition of AMD would have required a board of directors, but there are always workarounds, such as acquiring some of AMD's shares in the market first. Anyway, AMD doesn't see hope, and there are many people who are willing to make a move, and through third-party acquisitions, identity leakage can also be avoided. And generally less than 5% of the company's market value of the acquisition, can not go through the shareholders' meeting, or even do not need to be announced, so when Yahoo's market value exceeded $50 billion, Zhou Shi's acquisition of AMD internal problems can barely be said to be non-existent.

Jim Keller left on the front foot, and Zhou Shi immediately began to arrange the acquisition of AMD. When this kind of thing spreads, I don't know if it will become a beautiful talk, for a key talent, Zhou Shi is willing to pay a price that many people imagine.

"Simon, we're under a lot of financial pressure. Tim Morse persuaded Zhou Shi several times to give up his shares, Yahoo will definitely not make a profit this year, as for the loss, it depends on how much advertising revenue. The adoption of information flow has greatly increased the income of the Yahoo News app, Yahoo Pass has developed rapidly, and the official account has also attracted many people, but the income you know, even the communication tools that make money now will have a future? In fact, before the number of Yahoo Pass users exceeds one billion, he is not ready to consider the issue of advertising revenue. There is also Yahoo cloud computing only input, no output, he is now integrating his own infrastructure into Yahoo cloud, and it will only be open to the public after the difficulty. As for Yelp, his finances are relatively independent from Yahoo, and his losses are fixed, have you ever seen such a quick profit O2O company? No, it is also difficult for Yelp to go against the laws of the market. So Yahoo's losses will last for a long time.

"You have to think of a way!" Zhou Shi, Yahoo's biggest assets at the moment are Ali and Yahoo Japan, Yahoo Japan is listed, but its stock price has been hovering at a low level. Alibaba is now planning to go public and is tinkering with its partnership system. Zhou Shi didn't intend to object, anyway, Yahoo was short of money, a lot of money, and he only had interests for Ali and no hope for cooperation. Although it is difficult for Yahoo and Ali to clash with each other, Zhou Shi's time and friends will obviously compete directly with the greatly strengthened Ali. Besides, he is also for self-preservation, otherwise most of the entire Internet market in China is Zhou Shi's people, how can you rest assured that the country is guilty, and the crime is unforgivable!

"We've just finished issuing debt, and it's hard to refinance!" Morse

"So what do you say, we sell that asset? I've already said the significance of acquiring AMD, it's a multi-win plan, and it's a big addition to our future. And I didn't ask for the acquisition of AMD!" Zhou Shi, in fact, his heart is too big, he doesn't have Google's life, but he wants to do Google's business, hey!

Morse doesn't know what to say, the rise in Yahoo's stock price is actually not good news, but Wall Street's view of Zhou Shi has changed, from the previous disapproval to the current recognition. Those Wall Street investors can see the prospects of Yahoo, how can he, an experienced old man, not know that Yahoo's layout is becoming more and more perfect, artificial intelligence, big data and cloud computing complement each other, and it is not an aimless and random expansion. A large part of the cloud computing investment can be regarded as fixed asset investment, but Yahoo's own hardware equipment needs are transferred to cloud computing. And because of the aging and compatibility issues of Yahoo's existing devices, Yahoo is pressing on the hybrid cloud side of things.

Open source and hybrid cloud are the key directions of Yahoo's efforts in cloud computing, which is not to abandon public cloud, but to highlight advantages. Small and medium-sized enterprises deploy public clouds, and large enterprises, especially banks and other financial institutions, need hybrid clouds. Open source ensures security, and hybrid builds advantage.

Morse had no way to convince Zhou Shi, so he had to work silently to fill the hole in Zhou Shi's wayward appearance. In fact, he didn't know that Zhou Shi was already very controlling at this time, and there were many companies he wanted to acquire, but unfortunately the problem of capital restrained his hands and feet. Morse didn't want to think about it, Zhou Shi was really restrained, why Yahoo didn't make its own efforts in the hottest video field, and it wasn't because of lack of money. It's not that he doesn't know how to do Hulu well, so why bother accommodating Hastings several times! It's not that he doesn't know how to make Toutiao expand rapidly and promote the development of new media around the world.

It is really not easier to revive a declining enterprise than to start a business from scratch, mainly because of the confidence of investors and the source of funds for business operations. Let others not make trouble, but also have sufficient funds to develop new businesses, and only a local tyrant who is not bad for money like Pig's Feet has such courage. It's a pity that Baidu, if he could control Baidu at that time, with its good cash flow, nine times out of ten it would not be worse than Ali, and the market value of 100 billion yuan is the least. Of course, whether Zhou Shi is willing to give up his opportunity to make a lot of money to stay at Baidu is a big question.

In any case, the acquisition maniac is best at acquisition, and buying low and selling high is his forte. In addition to AMD, another target appeared in front of him.

(End of chapter)