Abu Dhabi investment group buys $622M chunk of AMD

The investment arm of the Abu Dhabi government, Mubadala Development Co., has just ponied up $622M for an 8.1 percent stake in AMD. The deal, which just went through this morning, gives Mubadala 49 million shares of AMD, but doesn't come with a seat on the board or represent a controlling interest in AMD. For its part, AMD didn't give any specific plans for the cash, instead saying it'll be used for R&D, manufacturing improvements, and unspecified "innovations." Must be nice to be liked, eh?