Depends on what you read. If you read knowledge that gives you insight and enlightenment on a subject, you can gain wisdom. If you read something that is considered "trash", there is no wisdom to be gained.
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Reading can increase knowledge and expose one to different perspectives and ideas, which can contribute to wisdom. However, wisdom also comes from reflection, experience, and the application of knowledge in real-life situations. Reading is a valuable tool in the pursuit of wisdom, but it is not the sole factor.