A large Swiss bank made a “call” in chip stocks and also added to media and entertainment stocks.

Julius Baer of Zurich bought shares of Intel INTC -6.41% (ticker: INTC), Walt Disney DIS -0.15% (DIS) and AT&T T -0.25% (T) and sold most of its investment in Advanced Micro Devices AMD +0.32% (AMD) in the fourth quarter. The private bank disclosed the stock transactions in a form filed with the Securities and Exchange Commission.

The bank does not comment on individual holdings. It had $470 billion in assets under management at the end of October.

Intel stock is down 49% in 2022, compared with a 19% decline in the S&P 500SPX index +0.25%. So far in 2023, the stock is up 6.5% compared to a 6.0% rise in the index. Julius Baer bought 21,715 more shares of Intel and ended the fourth quarter with 198,392 shares.