$Advanced Micro Devices (AMD.US)$$Xilinx (XLNX.US)$ AMD and...

AMD and Xilinx trade very similarly long term, but not short term. I believe this is because most people buying Xilinx are just holding until the acquisition completes or plan on holding AMD long term. Conversely, the people trading short term market swings are likely buying/selling AMD. AMD has had multiple big swings in price (up and down) due to short term market trends, but Xilinx tends to stay relatively stable. Thus far, they have always ended up converging with time after any divergence.

Due to China risk and these short term swings, the arbitrage stands. There's only 2 weeks left in 2021 and management showed strong confidence in the acquisition closing this year, so we're due for some kind of verdict soon regardless. I'm a long time AMD holder and already converted everything to Xilinx back when the arbitrage was much greater.