China, Saudi Arabia and other Middle Eastern and Asian countries have set up such funds, which control an estimated US$2.5 trillion in assets.
In addition, if AMD has government contracts for classified work, interest from CFIUS and Congress "is apt to be considerable, even if the investment is non-controlling," Reynolds said.
Generally, passive investments of less than 10 percent of a company's shares do not trigger review by CFIUS. But that is not a hard-and-fast rule, Reynolds said, and an ownership stake below 10 percent is not automatically shielded from review.
AMD shares slid US$0.06 to US$12.64 in Friday trading.
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