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AMD Spins Off Foundry Business

AMD said this morning that the firm is spinning off its foundry business, including operations and employees in Austin, as part of a new company called The Foundry Group. According to Sunnyvale, California-based AMD, the new company will focus on semiconductor manufacturing. The Foundry Group will also receive an undisclosed investment from the Advanced Technology Investment Company of Abu Dhabi. AMD itself will focus on developing computing and graphics processing chips. Impact on the spinoff and restructuring on AMD's Austin operations was not disclosed.