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One of AMD's largest shareholders, Mubadala Investment, on Monday disclosed that it sold 34.9 million shares of the chipmaker. Abu Dhabi's investment fund plans to convert 75 million warrants into equity of AMD, providing $448.5 million to the chipmaker, Mubadala said in an emailed statement seen by Bloomberg. Mubadala loaded on nearly 100 million AMD shares from 2008 to 2016 but has been trimming its stake in AMD in the past two years. Watch AMD trade live. One of AMD's largest shareholders, Mubadala Investment, on Monday disclosed that it sold 34.9 million shares in AMD. The chipmaker's stock was down 3.15% to $23.37 apiece early Tuesday.  Mubadala, the investment arm of the Abu Dhabi government, plans to convert 75 million warrants into equity of AMD, providing $448.5 million to the chipmaker, Mubadala said Monday in an emailed statement seen by Bloomberg. After the transaction, Mubadala will have about a 6.9% stake in AMD, Bloomberg added. According to Bloomberg data, the state fund owned nearly 142 million AMD shares between 2014 and 2016 after buying the chipmaker's plants to create Globalfoundries, an American semiconductor foundry headquartered in Santa Clara, California. Globalfoundries was created in March 2009 and was fully acquired by Mubadala in March 2012. But Mubadala has been reducing its stake in the chipmaker ever since, with Monday's filing effectively taking it to zero before the exercising of the warrants. Mubadala manages a $225 billion portfolio, according to its website.  AMD was up 28% so far this year. Now read: 'The crypto-GPU hangover continued': Here's what Wall Street is saying about AMD earnings   Join the conversation about this story » NOW WATCH: 7 science-backed ways to a happier and healthier 2019 that you can do the first week of the new year