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International Business Machines Corp. IBM, +2.05% and Advanced Micro Devices Inc. AMD, -0.50% announced Wednesday morning that they have entered a multi-year agreement focused on enhancing their security and artificial-intelligence offerings. "The joint development agreement will expand this vision by building upon open-source software, open standards, and open system architectures to drive Confidential Computing in hybrid cloud environments and support a broad range of accelerators across high-performance computing (HPC), and enterprise critical capabilities such as virtualization and encryption," the companies said in a release. Confidential Computing is a technology that allows for the encryption of data used to run virtual machines and it helps protect sensitive information. "Confidential Computing for hybrid cloud unlocks new potential for enterprise adoption of hybrid cloud computing, especially in regulated industries such as finance, healthcare and insurance," the companies said in their release. IBM shares are up 0.3% in premarket trading Wednesday, while AMD shares are up 1.4%. IBM shares have lost 12% so far this year as AMD's have risen 70%. The S&P 500 SPX, +1.36% is up 10% in that span, and the Dow Jones Industrial Average DJIA, +1.37%, of which IBM is a component, is up 3%.

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IBM and AMD will work together on security, artificial intelligence - MarketWatch