By Denny JacobAdvanced Micro Devices shares climbed 5.2% to $102.42 following Monday's disclosure that Daniel Loeb's Third Point LLC took a stake in the company. The hedge fund run by Mr. Loeb, an activist investor, has a stake in the chip maker of 1 million shares, according to a regulatory filing. Shares of AMD have been mixed in recent weeks. Shares recovered the next day following a Bloomberg report that AMD will work with Microsoft to develop artificial intelligence processors. Write to Denny Jacob at denny.jacob@wsj.com(END) Dow Jones NewswiresMay 16, 2023 12:27 ET (16:27 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal May 17, 2023 04:32 UTC