Advanced Micro Devices Inc. (NASDAQ:AMD) recently confirmed that a cyberattack did not compromise any critical business information.

What Happened: The chipmaker announced on Wednesday that the recent cyberattack, allegedly carried out by a group called Intelbroker, did not access any business-critical data, reported Bloomberg.

The intrusion only managed to obtain a limited amount of information related to the specifications used to assemble certain AMD products from a third-party vendor site.

"Based on our investigation, we believe a limited amount of information related to specifications used to assemble certain AMD products was accessed on a third-party vendor site," an AMD spokesperson said. "We do not believe this data breach will have a material impact on our business or operations."

Santa Clara-based AMD is one of Nvidia Corp.'s closest competitors in the race to develop advanced artificial intelligence chips, making its technological expertise and proprietary information highly valuable targets.

According to Benzinga Pro, AMD stock has risen by 30% over the past year. Apart from directly investing in it, investors can also invest in this stock via the Spear Alpha ETF (NASDAQ:SPRX) and the AOT Growth and Innovation ETF (NASDAQ:AOTG).

Why It Matters: This announcement comes in the wake of a cybercriminal organization claiming to have stolen AMD data. In response to this claim, AMD confirmed to Benzinga that it was working closely with law enforcement officials and a third-party hosting partner to investigate the situation.

Despite the potential threat posed by the stolen data, AMD's latest statement suggests that the company is confident in its ability to mitigate any adverse effects of the cyberattack.

Price Action: AMD's shares closed 2.38% down on Wednesday at $154.63, according to data from Benzinga Pro.

Photo courtesy: Shutterstock

This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote