At AMD Advancing AI 2026, Sagi Paz, head of AMD Ventures, outlined a three-layer strategy of organic research, acquisitions and ecosystem investing, with physical AI emerging as the next major focus beyond the data center. Paz stated that “AI is team sports” and that AMD gets excited about investments where it can provide unique value. AMD Ventures remains stage-agnostic, writing checks from $1 million to tens of millions of dollars, and takes observer seats instead of board seats for roughly half its portfolio to avoid fiduciary conflicts. Paz identified industrial robotics and embedded AI deployment as an underexplored category, noting that “definitely physical AI is something that is still out there” and predicting “there’s going to be a ChatGPT moment for physical AI.”