By Stephen Nakrosis

Shares of Advanced Micro Devices were trading higher on a mostly down day for stocks Thursday, following media reports the company will work with Microsoft to develop artificial intelligence processors.

Bloomberg reported Microsoft would help AMD increase its supply of in-demand parts and that the two companies were working to develop a homegrown Microsoft AI processor. Representatives from Microsoft and from AMD declined to comment, according to the report.

At 3:45 p.m. ET, AMD shares were trading 6.98% higher, at $87.26 per share. Volume at the time topped 107.7 million shares, above the stock's 65-day average volume of some 61.6 million shares.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

May 04, 2023 16:06 ET (20:06 GMT)

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