Phil Guido, AMD's (AMD, Financial) chief commercial officer, just made a bold move, he bought 4,645 shares of the company's stock for $500,000, marking AMD's first insider purchase since 2012, according to SEC filings.
Guido picked up the shares on February 7 at an average price of $107.56, bringing his total holdings to 33,522 shares. His purchase comes as AMD's stock flirts with a 52-week low of $106.50, down more than 35% over the past year as investors worry about its ability to compete with Nvidia (NVDA, Financial) in AI chips.
The last time an AMD insider bought stock on the open market was in 2012, when Lisa Su, now CEO, purchased 48,000 shares at just $2.05 per share while serving as a senior VP. Guido, who joined AMD in June 2023 after a long career at IBM (IBM, Financial), is now tasked with helping the company regain momentum and boost investor confidence.
