There have been times when Abu Dhabi’s foray into the semiconductor industry looked like a bad idea.
When the state-owned Mubadala Development doubled its stake in the US chip maker Advanced Micro Devices (AMD), the stock fell continuously for months, reaching a low last January when the price Mubadala paid for a 20 per cent stake could have bought it a majority.
Meanwhile, another Abu Dhabi Government fund was ploughing billions into Globalfoundries, a joint venture with AMD that would compete with the semiconductor giants of Taiwan and South Korea. Many analysts questioned whether it could.
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