Abu Dhabi is set to take a 9% stake in Advanced Micro Devices, the US chipmaker whose work includes government contracts, a deal that underlines the growing purchasing power of sovereign wealth funds. The acquisition will cost Mubadala Development about $700m, according to people close to the deal. However, the move could draw the attention of the US committee on foreign investment, which vets acquisitions by foreign investors. But AMD is likely to welcome the investment after the technology company reported its forth consecutive quarter of losses last month.
