1 Incredible Artificial Intelligence (AI) Stock to Buy Not Named Nvidia
One of the dominant themes surrounding technology companies this year is artificial intelligence (AI). Microsoft kicked things off after its multibillion-dollar investment in OpenAI, the developer behind ChatGPT. Unsurprisingly, other Big Tech companies, such as Amazon and Alphabet, followed suit, with each investing in a rival generative AI opportunity called Anthropic.
While these strategic investments were enough to spark some excitement among Wall Street and retail investors alike, I think the party really got started when semiconductor leader Nvidia released earnings back in May for its first quarter of fiscal 2024 ended April 30. After showcasing its dominant performance in data center services and advancements in graphics processor units (GPUs) , the stock has rocketed about 60%.
But over that same time frame, Nvidia's top rival, Advanced Micro Devices (NASDAQ: AMD), has only managed to move up about 8%. The lack of movement in the stock is almost startling, considering how much enthusiasm there is for chip stocks and AI exposure. In a way, it's as if the investment community at large has ditched AMD and poured everything into Nvidia.
Source Fool.com
Advanced Micro Devices Inc. Stock
The stock is one of the favorites of our community with 78 Buy predictions and 1 Sell predictions.
With a target price of 178 € there is a slightly positive potential of 16.2% for Advanced Micro Devices Inc. compared to the current price of 153.18 €.
