AMD erases losses as activist hedge fund Third Point said to take stake
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AMD (NASDAQ:AMD) shares erased earlier losses after it was reported that activist hedge fund Third Point had taken a passive stake in the company.
Run by Dan Loeb, Third Point took the stake in the company when AMD (AMD) shares "struggled," CNBC reported.

Run by Dr. Lisa Su, AMD (AMD) has seen its PC business suffer in recent quarters as the broader PC industry has remained weak after the benefits of the pandemic. However, its data center business has seen strength, as evidenced by the company's recent fourth-quarter results.
Shares have gained 22% year-to-date, drastically underperforming rival Nvidia (NVDA), which has gained more than 50% on the backs of hype surrounding artificial intelligence.
AMD (AMD) did not immediately respond to a request for comment from Seeking Alpha.
Last month, investment firm Bernstein said AMD (AMD) and Apple (AAPL) could be responsible for Intel (INTC) never seeking "peak" PC revenues again.