Dan Loeb, the founder of activist hedge fund Third Point Management, has acquired a passive stake in multinational semiconductor manufacturer AMD, according to a report by CNBC.

The report cites unnamed sources as revealing that Loeb took up the position when shares in the chipmaker were struggling.

AMD's stock underperformed the rest of the sector over the last 12 months, with a fall of more than 30% versus a 14% decline in the PHLX Semiconductor Index. A 21% rebound this year has coincided with the reopening of China's economy following the end of the country's 'zero Covid' restrictions.